Loading
in West Hollywood, CA
West Hollywood's condo market moves fast. Veterans have a major advantage with VA loans — zero down payment in a city where conventional buyers typically need 10-20% saved.
Both loans work here, but they serve different buyers. Conventional loans offer flexibility for any qualified borrower. VA loans reward military service with unbeatable terms.
Conventional loans are the workhorse of West Hollywood real estate. You need 620+ credit and documented income. Down payments start at 3% for first-timers, but 20% avoids PMI.
These loans close fast — usually 21-30 days. Sellers prefer them because approval doesn't depend on government underwriting. You'll find them at every price point in the city.
VA loans eliminate the biggest barrier in West Hollywood — the down payment. Eligible veterans can buy with zero down and no PMI. Sellers pay a funding fee that ranges from 1.4% to 3.6%.
Credit standards are flexible. Most lenders approve 580+ scores. VA appraisals are stricter than conventional — they flag repairs that affect safety and habitability.
Down payment separates these loans. Conventional requires cash upfront. VA requires military service but no money down. That's a $80,000-$100,000 difference on typical West Hollywood properties.
Monthly costs favor VA loans heavily. No PMI saves $200-$400 monthly compared to conventional loans under 20% down. VA rates also run 0.25-0.5% lower on average.
Use your VA benefit if you have it. The savings are too big to ignore unless you're buying a fixer or facing a bidding war where sellers demand conventional financing.
Conventional makes sense for non-veterans, investors, or anyone buying a property that won't pass VA inspection. You'll also compete better in multiple-offer situations with conventional pre-approval.
Yes, if the building is VA-approved. Many newer complexes qualify. Older buildings may need HOA approval first, which adds 2-3 weeks to closing.
Some do in hot markets. VA appraisals are stricter and closings take longer. Offering a strong price and quick close timeline helps overcome seller hesitation.
Conventional typically requires 620+. VA loans approve at 580+ with most lenders. Higher scores unlock better rates on both loan types.
Yes, with 20% down. Some borrowers use piggyback loans or lender-paid PMI instead. We run numbers on all three options to find your best total cost.
Conventional loans close in 21-30 days typically. VA loans take 30-45 days due to stricter appraisal requirements and government processing timelines.