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in Belvedere, CA
Belvedere's luxury market—where homes routinely exceed $2M—demands strategic mortgage planning. VA loans eliminate down payments, but Conventional financing often wins on jumbo purchases.
Most Belvedere buyers choose based on loan limits and cost structure. Veterans save thousands upfront with VA, while high-net-worth buyers prefer Conventional's flexibility above conforming limits.
Conventional loans dominate Belvedere transactions because most properties exceed $766,550—the 2024 conforming limit. You'll need 20% down to avoid PMI, which means $600K+ cash for median-priced homes.
Rates run competitive up to $766,550, then tick up 0.25-0.75% for jumbo amounts. Lenders want 700+ credit and debt-to-income under 43% for best pricing.
The advantage shows on properties over $1M. You control loan structure, choose any lender, and avoid VA funding fees that cost 2.15% of loan amount.
VA loans work for Belvedere condos and lower-priced homes—typically lagoon-side properties under $1.5M. You put zero down and pay no monthly mortgage insurance.
The catch is the VA funding fee: 2.15% for first-time use with zero down. On a $1M loan, that's $21,500 added to your balance or paid upfront.
Rates beat Conventional by 0.125-0.25% typically. Lenders approve higher debt ratios—up to 50% sometimes—because the VA guarantee reduces their risk.
Down payment separates these loans most. VA requires nothing; Conventional demands 20% to avoid PMI on Belvedere's high prices.
Monthly costs flip the script. VA charges no mortgage insurance but hits you with a 2.15% funding fee. Conventional skips that fee but adds PMI if you put down less than 20%.
Loan limits matter here. VA caps at $766,550 with zero down, though veterans can exceed that by covering 25% of the difference. Conventional goes jumbo smoothly to $3M+.
Choose VA if you're buying under $1.2M and want to preserve cash. Zero down plus no PMI saves $15K-20K annually compared to a 10% down Conventional loan.
Pick Conventional for purchases above $1.5M or if you're refinancing soon. The 2.15% VA funding fee costs $30K+ on a $1.5M loan—money you won't recoup quickly.
Many Belvedere veterans use VA for condos, then switch to Conventional jumbo when buying single-family homes. It's not either-or across your lifetime.
Yes, but you'll cover 25% of the amount over $766,550—about $308K down on a $2M purchase. At that point, Conventional often costs less overall.
Conventional typically closes 3-5 days faster because VA requires additional property inspections. Both finish in 21-30 days with experienced lenders.
VA wins on purchases under $1M due to zero mortgage insurance. Above that, Conventional's lower rates and no funding fee often create smaller payments.
Only if you have a service-connected disability rating of 10% or higher. Otherwise, the 2.15% fee applies to all first-time VA loan users.
Sellers lean toward Conventional on competitive offers because VA appraisals sometimes challenge Belvedere's premium pricing. Cash-heavy down payments signal strength.