Question 1

Can I use a VA loan on Santa Monica condos?

Accepted Answer

Yes, if the building meets VA condo approval requirements. Many Santa Monica buildings don't qualify due to owner-occupancy ratios or deferred maintenance issues.

Question 2

What's the VA loan limit in Santa Monica?

Accepted Answer

The conforming limit is $806,500 for 2024. Above that, you need VA jumbo financing or a combination of VA guarantee plus down payment.

Question 3

Do Santa Monica sellers accept VA offers?

Accepted Answer

Strong VA offers compete well here. Pre-approval, cash reserves, and quick closing timelines matter more than loan type to experienced listing agents.

Question 4

How does the VA funding fee work on expensive properties?

Accepted Answer

It's 2.3% of the loan amount for first use with zero down. On a $1.5M purchase, that's $34,500 rolled into the loan unless you're exempt.

Question 5

Can I waive inspections with a VA loan?

Accepted Answer

No. VA requires pest inspections and appraisals that meet minimum property requirements, regardless of market competition or buyer preferences.

Question 6

Which Santa Monica neighborhoods work best for VA buyers?

Accepted Answer

Ocean Park and Sunset Park see strong VA activity. Mid-city areas offer better price points while maintaining proximity to coastal amenities and schools.

VA Loans in Santa Monica: Zero Down on Coastal Property