Question 1

Can I use a VA loan to buy a condo in South San Francisco?

Accepted Answer

Yes, but the condo complex must have VA approval. Not all buildings qualify. Your lender can verify approval status before you make an offer.

Question 2

How much is the VA funding fee?

Accepted Answer

The fee ranges from 1.4% to 3.6% of the loan amount, depending on your down payment and whether you've used the benefit before. Disabled veterans often receive full waivers.

Question 3

Do conventional loans have lower rates than VA loans?

Accepted Answer

Rates vary by borrower profile and market conditions. VA loans often feature competitive rates due to government backing, but your credit score and down payment affect conventional loan pricing.

Question 4

Can I remove PMI from my conventional loan?

Accepted Answer

Yes, once you reach 20% equity through payments or appreciation. You can request cancellation, and lenders must automatically remove it at 22% equity.

Question 5

Which loan closes faster in San Mateo County?

Accepted Answer

Both programs typically close in similar timeframes. VA loans require additional property inspections, but experienced lenders process them efficiently alongside conventional applications.

Conventional vs VA Loans in South San Francisco: Which Mortgage Fits Your Needs?