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in Westlake Village, CA
Westlake Village buyers face a clear choice: conventional financing or VA benefits. Both work here, but they serve different borrowers.
Conventional loans demand higher down payments and stricter credit. VA loans waive the down payment entirely if you qualify through military service.
Conventional loans aren't government-backed. Lenders price them on credit score, down payment, and debt ratios.
You'll need at least 620 credit and 3% down minimum. Put down less than 20%, and you pay PMI until you hit 20% equity.
These loans cap at conforming limits or jump to jumbo territory. Westlake Village often means jumbo pricing on higher-end homes.
VA loans eliminate down payments for eligible veterans and active military. No PMI ever, regardless of equity.
The VA guarantees part of the loan, letting lenders offer better terms. You pay a funding fee instead, which rolls into the loan.
Credit standards are looser than conventional. Most lenders approve at 580-600 credit, though rates improve above 620.
Down payment splits these loans hardest. VA requires nothing. Conventional demands 3-20%, which on a Westlake Village home means serious cash.
VA loans ban PMI outright. Conventional charges it until 20% equity. That's $200-400 monthly on most local properties.
Eligibility is the gate. VA needs military service. Conventional accepts anyone with income and credit.
Use VA if you qualify. The zero-down advantage in this market is massive. You keep capital for reserves or upgrades.
Choose conventional if you're not military-eligible or buying investment property. VA only covers primary residences.
Some veterans still pick conventional. If you're putting 20%+ down anyway, conventional may price better and skip the funding fee.
Yes, if the complex is VA-approved. Many here are, but we verify before you make an offer.
Conventional typically closes 3-5 days quicker. VA appraisals add time because inspectors check property condition standards.
Conventional looks stronger in competing offers. Sellers worry VA appraisals will kill deals, though this fear is often overblown.
Technically yes, but it restarts underwriting. Better to choose correctly upfront based on your service eligibility and down payment.
Both handle homes here. Conventional has no loan limits if you qualify for jumbo. VA caps at county limits but covers most purchases.