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in Brisbane, CA
Brisbane homebuyers have two strong mortgage options to consider. Conventional loans offer flexibility for any qualified borrower, while VA loans provide exceptional benefits for military families.
Each loan type serves different needs in San Mateo County's competitive market. Your military service status and financial situation will determine which path makes the most sense for your Brisbane home purchase.
Conventional loans work through traditional lending standards without government backing. These mortgages require a credit score typically above 620 and down payments starting at 3% for first-time buyers.
You'll pay private mortgage insurance (PMI) if your down payment is less than 20%. Conventional loans allow financing for primary homes, second homes, and investment properties throughout Brisbane.
Rates vary by borrower profile and market conditions. Lenders set their own requirements, giving you options to shop around for the best terms that match your financial picture.
VA loans serve eligible veterans, active-duty service members, and qualifying spouses. The Department of Veterans Affairs guarantees these mortgages, allowing lenders to offer exceptional terms.
No down payment is required, and you won't pay monthly mortgage insurance. VA loans also limit closing costs and cap interest rates on certain loan types, protecting military families from excessive fees.
Brisbane properties must meet VA appraisal standards. You'll pay a one-time funding fee (waived for disabled veterans) but gain access to some of the most affordable financing available.
Eligibility splits these options clearly. Conventional loans work for anyone meeting lender standards, while VA loans require military service or qualified survivor status.
Down payment requirements differ dramatically. VA borrowers can finance 100% of the Brisbane home's value, while conventional buyers typically need at least 3% down and face PMI below 20%.
Property standards vary between programs. VA appraisers check for safety issues and habitability beyond typical inspections, potentially requiring repairs before closing.
Choose VA financing if you qualify through military service. The zero down payment and no mortgage insurance provide significant savings, especially in San Mateo County's higher-priced markets.
Conventional loans make sense when you're not VA-eligible or buying a property that might not meet VA standards. They also work better for investment properties or when you want maximum flexibility.
Many Brisbane buyers with VA eligibility still compare both options. Some properties or situations favor conventional financing despite VA benefits being available.
VA loans require properties to meet safety and habitability standards. Most Brisbane homes qualify, but the property must pass a VA appraisal. Investment properties don't qualify for VA financing.
First-time buyers can put down as little as 3% with conventional financing. Repeat buyers typically need 5% minimum. You'll pay PMI until reaching 20% equity in your Brisbane home.
The VA funding fee ranges from 1.4% to 3.6% of the loan amount based on your service type and down payment. Veterans with service-connected disabilities don't pay this fee.
Conventional loans often close slightly faster since they skip VA appraisal requirements. Both typically close in 30-45 days with proper preparation and responsive parties.
Yes, eligible veterans can refinance a conventional mortgage into a VA loan through an Interest Rate Reduction Refinance Loan (IRRRL). This can eliminate PMI and potentially lower your rate.