Question 1

Can I use a VA loan on a Simi Valley condo?

Accepted Answer

Yes, but the complex must be VA-approved or you'll need to pursue condo approval during escrow. Conventional works on any condo without pre-approval requirements.

Question 2

Which loan type gets better rates in Simi Valley?

Accepted Answer

VA typically prices 0.125-0.25% lower than conventional at the same credit score. Rates vary by borrower profile and market conditions.

Question 3

Do Simi Valley sellers prefer one loan type over another?

Accepted Answer

Sellers prefer conventional due to faster closings and fewer appraisal issues. VA offers are stronger when you waive the funding fee with disability rating.

Question 4

Can I switch from VA to conventional mid-process?

Accepted Answer

Yes, if you can cover the down payment and closing costs. Most borrowers do this when VA appraisals require excessive repairs.

Question 5

How much does the VA funding fee cost on a $700K home?

Accepted Answer

First-time VA users pay 2.15% ($15,050). Subsequent use jumps to 3.3% ($23,100). Disabled veterans pay zero funding fee.

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