Question 1

Can I use a VA loan to buy a condo in Santa Barbara?

Accepted Answer

Yes, but the condo project must be VA-approved. Many Santa Barbara condo developments aren't on the approved list — check before you shop.

Question 2

Is there a loan limit on VA loans in Santa Barbara County?

Accepted Answer

Veterans with full entitlement have no loan limit as of 2020. Partial entitlement borrowers may still face limits.

Question 3

What's the VA funding fee for a first-time VA buyer?

Accepted Answer

First-time use with zero down is 2.15% of the loan amount. It drops if you put 5% or more down.

Question 4

Can I compete with a VA offer against cash buyers in Santa Barbara?

Accepted Answer

Yes — with a strong pre-approval and an experienced agent. VA appraisals move fast when the lender is prepared.

Question 5

Do surviving spouses qualify for VA loans in California?

Accepted Answer

Unremarried surviving spouses of veterans who died in service or from service-connected causes typically qualify. Confirm eligibility with your COE.

Question 6

Can I refinance my current mortgage into a VA loan?

Accepted Answer

If you're eligible, a VA cash-out refinance can replace a conventional or FHA loan. The VA IRRRL streamline works for existing VA loans only.

VA Loans in Santa Barbara: Zero Down in a High-Cost Market