Question 1

Can I use a VA loan on Culver City condos?

Accepted Answer

Yes, but the complex must be VA-approved. Many Culver City condos qualify, though some smaller HOAs haven't completed the approval process.

Question 2

How much does PMI cost on conventional loans in Culver City?

Accepted Answer

Expect $250-400 monthly with 5-10% down on typical Culver City prices. PMI drops off once you hit 20% equity through payments or appreciation.

Question 3

What's the VA funding fee in California?

Accepted Answer

2.3% of the loan amount for first-time use with zero down, 1.65% with 5%+ down. Disabled veterans and surviving spouses pay no funding fee.

Question 4

Do VA loans have higher interest rates?

Accepted Answer

No, VA rates typically run 0.25-0.5% lower than conventional. The government guarantee lets lenders price more aggressively.

Question 5

Can I combine a VA loan with down payment assistance?

Accepted Answer

Yes, though it's rarely needed since VA requires zero down. Some veterans add 5-10% down to lower the funding fee from 2.3% to 1.65%.

Conventional vs VA Loans in Culver City: Which Mortgage Wins for You?