Question 1

Can I buy a condo in Lomita with a VA loan?

Accepted Answer

Yes, but the condo complex must appear on the VA's approved condominium list. Your lender can verify approval status before you make an offer on any Lomita condo.

Question 2

What's the VA funding fee for Lomita purchases?

Accepted Answer

For first-time use with zero down, the funding fee is 2.3% of the loan amount. Veterans with service-connected disabilities are exempt. The fee can be financed into your loan.

Question 3

Do I need perfect credit for VA loans in Lomita?

Accepted Answer

No. While lenders prefer scores above 620, some approve veterans with lower scores based on compensating factors. Your complete financial profile matters more than credit score alone.

Question 4

Can I use a VA loan to buy a fixer-upper in Lomita?

Accepted Answer

Standard VA loans require homes to be move-in ready and meet minimum property standards. For properties needing significant work, consider the VA renovation loan program instead.

Question 5

How does Lomita's location affect my VA loan approval?

Accepted Answer

Location doesn't impact VA loan approval, but property values affect loan amounts. Lomita's Los Angeles County location means higher home prices but also higher VA loan limits.

VA Loans in Lomita: Zero Down Home Financing for Veterans