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in Fairfax, CA
Fairfax buyers often choose between conventional and VA loans based on military service eligibility. If you're a veteran or active service member, VA financing eliminates your down payment entirely.
Conventional loans require private mortgage insurance below 20% down, while VA loans skip PMI but charge an upfront funding fee. Both work well in Marin County's competitive market if you qualify.
Your service status determines which option saves you more money over time. We help borrowers run the numbers based on how long they plan to own the property.
Conventional loans demand stronger credit and down payment savings upfront. You'll need 620+ credit for most programs, though 3% down options exist for first-time buyers.
Private mortgage insurance adds $150-300 monthly below 20% down, but drops off once you hit that equity threshold. Rates vary by borrower profile and market conditions.
These loans work for anyone—no service requirement. Debt-to-income limits reach 50% with compensating factors, giving high earners flexibility despite Marin's elevated prices.
VA loans let eligible veterans and service members buy with zero down payment. No monthly mortgage insurance ever, regardless of equity position.
You'll pay a one-time funding fee of 2.3% for first use with zero down, which can be rolled into your loan amount. Credit standards are more forgiving than conventional—many lenders approve at 580.
Sellers can pay all your closing costs up to 4% of the purchase price. This matters in Fairfax where every dollar of cash preserved helps with furnishing or reserves.
Down payment separates these loans most clearly. Conventional requires 3-20% upfront, while VA needs nothing from eligible borrowers.
Monthly costs differ significantly below 20% equity. Conventional adds PMI until you reach that threshold; VA never charges monthly mortgage insurance but collects the funding fee at closing.
Credit standards favor VA—you can qualify at 580 versus 620 for conventional. But VA restricts eligibility to veterans, active military, and qualifying spouses while conventional serves everyone.
Appraisals matter more with VA financing. The VA appraiser checks safety and habitability issues that conventional appraisers skip, sometimes killing deals on older Fairfax properties needing repairs.
If you're eligible for VA benefits and buying in Fairfax, use them. Zero down plus no PMI beats conventional financing in almost every scenario for qualified veterans.
Conventional makes sense when you're not military-affiliated or when the property won't pass VA's stricter appraisal standards. Some Fairfax sellers also prefer conventional buyers, wrongly assuming VA deals are problematic.
Run both options if you qualify for VA but have 20%+ down saved. Sometimes conventional offers lower rates that offset VA's insurance advantage, especially for borrowers with 740+ credit.
We lock rates with multiple lenders for both loan types simultaneously. This lets you pivot if the appraisal reveals issues or if rate changes shift the math between programs.
Only if the complex appears on VA's approved condo list. We check this before you write an offer to avoid wasted time.
It's rolled into your loan amount, so yes—but eliminating PMI more than offsets this. Monthly savings typically exceed $200.
Rarely, and it's usually based on misconceptions. We educate listing agents that VA deals close reliably when structured properly.
Not through traditional financing. Lender-paid MI programs exist but increase your rate instead.
VA approvals happen at 580 regularly. Conventional needs 620 minimum, though 680+ unlocks better pricing.
You pay it once versus monthly. Five-year breakeven typically favors VA even after the upfront fee.