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in Los Gatos, CA
Los Gatos is expensive. Most homes here push well past conforming loan limits. That means your loan choice has real dollar consequences.
If you have VA eligibility, you have a serious advantage in this market. If not, a conventional loan is likely your path forward.
Conventional loans aren't backed by the government. Lenders set the terms, and Fannie Mae or Freddie Mac buy most of them on the secondary market.
You'll need at least 620 credit to qualify. Put down 20% and you skip private mortgage insurance entirely. Rates vary by borrower profile and market conditions.
VA loans are guaranteed by the Department of Veterans Affairs. Eligible veterans, active-duty members, and surviving spouses can use them.
Zero down payment. No private mortgage insurance. VA loans consistently price below conventional rates. Rates vary by borrower profile and market conditions.
The biggest gap is upfront cost. VA buyers can close with zero down. Conventional buyers without 20% down pay PMI monthly until they hit 80% equity.
HousingWire flagged the 30-year fixed hitting 6.57% with applications down sharply. VA borrowers typically see rates below that benchmark — a real edge in Los Gatos price ranges.
VA loans carry a funding fee — a one-time charge rolled into the loan. First-time VA users pay less than repeat users. Some veterans with service-connected disabilities pay nothing.
If you have VA eligibility, use it. The zero-down benefit alone is enormous in Los Gatos. You also avoid PMI on a high loan amount — that saves real money monthly.
If you don't have VA eligibility, conventional is the standard path. Strong credit and 20% down give you the cleanest approval and best pricing available to civilian buyers.
High-earning tech professionals buying in Los Gatos without VA eligibility often go conventional jumbo. The loan structure fits their income documentation and credit profiles.
Yes. VA loans have no loan limits for borrowers with full entitlement. High Los Gatos prices don't disqualify you.
No down payment is required for eligible borrowers with full VA entitlement. That's a major advantage at Los Gatos price points.
Lenders require at least 620. Better rates come with 740 and above — especially on jumbo loan amounts common in Los Gatos.
It's a one-time fee charged by VA, usually rolled into the loan. Some disabled veterans are exempt from paying it entirely.
VA loans typically price lower than conventional. Rates vary by borrower profile and market conditions — we shop both across 200+ lenders.
Yes. Put 20% down and PMI is off the table. On a Los Gatos purchase, that's a large chunk of capital to have ready.