Question 1

Can I use a VA loan on a condo in Monterey?

Accepted Answer

Only if the complex appears on the VA's approved condo list. Most Monterey condos aren't approved, which limits inventory for VA buyers.

Question 2

Do VA loans take longer to close in Monterey?

Accepted Answer

Not with experienced lenders. VA appraisals add 5-7 days, but total closing time runs 30-35 days with proper preparation.

Question 3

What's the maximum I can borrow with zero down?

Accepted Answer

Up to $806,500 in Monterey County with full entitlement. Above that, you'll need 25% down on the difference.

Question 4

Can I waive inspections with a VA loan?

Accepted Answer

No. The VA appraisal includes property condition requirements regardless of what you waive in your purchase contract.

Question 5

Does the VA funding fee apply if I'm National Guard?

Accepted Answer

Yes, unless you're receiving disability compensation. First-time Guard and Reserve buyers pay 2.15% with zero down.

Question 6

Can I buy a fixer-upper with VA financing?

Accepted Answer

Only if repairs are minor. Major issues flagged in the VA appraisal must be fixed before closing, which sellers often refuse.

VA Loans in Monterey: Zero Down for Service Members on the Central Coast