Rachel Portnov | April 19, 2023
In this blog post, we'll hear from Jennifer Burke, a lender with Empire Home Loans, about her success story helping a veteran obtain a VA loan in a high price point area.
Jennifer has been in the real estate industry for almost 19 years, with 10 years of experience as a lender. She found her passion in the lending side of transactions, particularly in VA loans. Jennifer notes that many people avoid VA loans, but in this post, she will share how a veteran was able to get a high price point VA loan through and why VA loans are a great option for veterans.
Jennifer's success story began when she was referred to a client who was having a bad experience trying to get a jumbo loan. They were looking to buy a property in Pasadena in the 2.5 to 2.8 million price range but were turned down by a few banks because of their perceived debt-to-income ratios. They were also required to come up with 25% for a down payment, which is a significant amount of money for such a high price point.
When the client talked to Jennifer, she gave them a safe space to share their experiences with different lenders. They talked about how they couldn't understand why they couldn't qualify for a loan, given that they made a good amount of money and were not trying to buy anything crazy. It was then that Jennifer asked if they were veterans, and they said yes.
Jennifer explained that there are misconceptions about VA loans, particularly the strict limits on what they can be used for. However, a few years ago, the loan limits were removed, and there is no longer a limit for VA loans. You can do 100% financing for properties worth nine, ten, or even twelve million dollars if you can find a lender that will allow it. There is a record of somebody doing a $9 million, 100% financing loan, so it is possible.
After sitting down with the client to discuss what it would look like, Jennifer was able to get them into a loan. They qualified for 100% financing but opted to do a 15% down payment to reduce the monthly mortgage payment. The purchase price was $2.4 million, and they were able to get the contract accepted and closed in just 17 days. The interest rates were lower than even a jumbo loan, saving the client over $1,000 a month.
Jennifer notes that VA loans are fantastic loans, and if she had her choice, every loan she would do would be a VA loan. Veterans deserve the opportunity to take advantage of the benefits that they earned by serving their country. VA loans offer many benefits, such as no down payment, no mortgage insurance, lower interest rates, and more.
In conclusion, VA loans are a great option for veterans, even in high price point areas. Jennifer's success story shows that with the right lender and a little education, veterans can obtain VA loans for properties worth millions of dollars.
Stay up to date on the latest real estate trends.
Alameda Market Update
August 29, 2025
As we step into the heart of summer, Alameda County’s housing market is showing all the signs of continued competitiveness—though with some interesting shifts worth no… Read more
San Francisco
August 28, 2025
As summer winds down, the San Francisco Bay Area comes alive with cultural celebrations, art, music, and family fun. Whether you're exploring SF’s iconic neighborhoods… Read more
Santa Clara County Market Update
August 28, 2025
Santa Clara’s housing market continues to show strong demand and limited supply, keeping conditions competitive for buyers and advantageous for sellers. Let’s break do… Read more
San Francisco
August 25, 2025
San Francisco’s housing market continues to demonstrate strong demand and tightening supply as we move through July 2025. Both buyers and sellers need to understand th… Read more
San franisco
August 25, 2025
At Rise Homes, we love sharing the best of Bay Area living — and let’s be honest, weekends are made for brunch. If you’re in the San Mateo Peninsula, you’ve got plenty… Read more
Contra Costa Market Update
August 22, 2025
Summer is in full swing in Contra Costa, and the housing market remains competitive with a few interesting shifts. Here’s a detailed look at the latest numbers and wha… Read more
San Mateo Market Update
August 21, 2025
San Mateo County’s housing market continues to stay competitive this summer, with tight inventory and strong buyer demand shaping the pace of sales. Whether you’re pla… Read more
San Francisco
August 12, 2025
If you’re dreaming about a place that blends Silicon Valley innovation with a small-town community feel, Menlo Park might be calling your name. Known for its tree-line… Read more
San Francisco
July 31, 2025
August is sizzling with can't-miss events across the San Francisco Bay Area! Whether you're a music lover, foodie, culture seeker, or weekend explorer, this month has … Read more
You’ve got questions and we can’t wait to answer them.