Question 1

Can I use my VA eligibility for a Redwood City condo?

Accepted Answer

Only if the complex is VA-approved. Many San Mateo County condos aren't on the list, which pushes you to conventional financing.

Question 2

How much does the VA funding fee cost in Redwood City?

Accepted Answer

First-time users pay 2.15% of the loan amount. Subsequent use jumps to 3.3%. Disabled veterans are exempt from the fee entirely.

Question 3

Will sellers accept my VA offer in a competitive market?

Accepted Answer

Some won't due to appraisal concerns. A strong pre-approval and willingness to cover small repairs helps level the playing field.

Question 4

What credit score do I need for conventional in Redwood City?

Accepted Answer

Most lenders want 620 minimum. You'll get better rates at 740+, which matters on larger San Mateo County loan amounts.

Question 5

Can I avoid mortgage insurance with less than 20% down?

Accepted Answer

Yes, with lender-paid MI where you take a slightly higher rate. VA borrowers never pay monthly MI regardless of down payment.

Conventional vs VA Loans in Redwood City: Which Fits Your San Mateo County Purchase?