Question 1

Can I use a VA loan on a Belmont condo?

Accepted Answer

Yes, but the condo complex must be VA-approved. Many Belmont condos qualify, though conventional loans accept more properties without pre-approval requirements.

Question 2

Which loan offers better rates in San Mateo County?

Accepted Answer

Rates vary by borrower profile and market conditions. VA loans often price 0.125-0.25% lower than conventional due to government backing, though strong conventional borrowers see similar rates.

Question 3

Do I pay PMI with 10% down on conventional loans?

Accepted Answer

Yes. Any down payment under 20% requires PMI on conventional loans. You can request removal once you reach 20% equity through payments or appreciation.

Question 4

Can I avoid the VA funding fee?

Accepted Answer

Veterans with service-connected disabilities are exempt. Otherwise, the funding fee applies but can be rolled into your loan amount rather than paid at closing.

Question 5

Which loan closes faster in Belmont?

Accepted Answer

Conventional loans typically close 3-5 days faster. VA appraisals require additional property inspections that can extend timelines in competitive bidding situations.

Conventional vs VA Loans in Belmont: Which Mortgage Wins for San Mateo County Buyers?