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in Corte Madera, CA
Corte Madera buyers face a clear choice: conventional financing with standard requirements or VA loans that eliminate the down payment. Service members get massive advantages here, but conventional loans work for everyone and sometimes cost less long-term.
The right loan depends on your military status and cash position. VA loans save you $100,000+ upfront on a typical Marin County purchase. Conventional loans often win on rate and flexibility once you have 20% down.
Conventional loans are standard mortgages not backed by any government agency. You need decent credit (usually 620+) and some money down. These loans follow Fannie Mae and Freddie Mac guidelines, which means predictable underwriting.
Put down 20% and you skip mortgage insurance entirely. That's a big deal on Marin County prices. Below 20% down, you'll pay PMI until you hit that equity threshold, but you can drop it unlike VA funding fees.
VA loans are backed by the Department of Veterans Affairs for eligible military members and spouses. Zero down payment. No monthly mortgage insurance. Lower rates than conventional in most cases. The catch is you pay a funding fee upfront (usually 2.3% for first use).
These loans shine in expensive markets like Corte Madera. Putting zero down on a $1.5M home beats scraping together $300K for 20%. The funding fee gets rolled into your loan, so you're not writing a huge check at closing.
Down payment separates these loans immediately. VA requires nothing. Conventional needs at least 3% down, realistically 10-20% to be competitive in Corte Madera. That's the difference between closing with $5,000 versus $200,000 in cash.
Mortgage insurance works differently too. Conventional charges monthly PMI below 20% down, which you can cancel later. VA charges a one-time funding fee (typically 2.3%) but never monthly insurance. Over 30 years, the VA structure usually costs less total.
If you're eligible for a VA loan, use it. The math is overwhelming in Marin County. Saving $150K-$300K on down payment outweighs the funding fee every time. You get better rates and no monthly insurance drag. Only skip VA if you're buying a property type VA won't cover.
Non-military buyers take conventional by default. Focus on putting 20% down if possible to kill PMI. Below that threshold, expect to pay $200-$400 monthly in insurance on typical Corte Madera prices until you refinance or hit 20% equity through appreciation.
Yes, if the complex is VA-approved. Many Marin condos qualify, but some HOAs haven't gone through VA certification. We check approval status before you make an offer.
$200-$500 monthly is typical with less than 20% down in this price range. It drops automatically at 22% equity or by request at 20%.
First-time use is 2.3% of the loan amount with zero down. You can lower it to 1.65% by putting 5%+ down, but that defeats the main advantage.
Usually yes. VA rates run 0.25-0.50% lower on average. Rates vary by borrower profile and market conditions, but VA pricing tends to beat conventional.
Absolutely. You'll pay PMI but loans go down to 3%. Most buyers here put 10-15% down and refinance or wait for appreciation to kill the insurance.