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0% Down
6.038%30-year fixed · no PMI
15-Year VA
6.038%Faster payoff · no PMI
5% Down
6.038%Lower funding fee
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VA Loan Details for Santa Monica-Malibu
2025 VA guidelines · Eligible veterans, active duty & surviving spouses
| Use | 0% Down | 5–9% Down | 10%+ Down |
|---|---|---|---|
| First Use | 2.15% | 1.50% | 1.25% |
| Subsequent | 3.30% | 1.50% | 1.25% |
| Exempt | 10%+ VA disability rating · Purple Heart · surviving spouses | ||
- • VA entitlement allows multiple VA loans simultaneously if prior loan is paid off or entitlement is restored
- • No prepayment penalty — pay off your loan early at no cost
- • VA IRRRL (streamline refinance) available with no appraisal, minimal paperwork
Frequently Asked Questions
What are current va rates today in Santa Monica-Malibu, CA?
Today's leading benchmark rate for va rates in Santa Monica-Malibu, CA is 6.794% (with an estimated monthly payment of $5,312). Calibrated directly to Santa Monica-Malibu, CA's local housing market, Safe Rate shows up-to-the-minute interest rates and points across Conventional, FHA, VA, and Jumbo loan programs daily.
What is the recent trend for va rates in Santa Monica-Malibu, CA?
Mortgage rates for va rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, rates for va rates in Santa Monica-Malibu, CA have hovered between a low of 6.394% and a high of 6.852%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in Santa Monica-Malibu, CA?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $1,653,864 in Santa Monica-Malibu, CA, a standard 20%-down Conventional loan requires an upfront cash down payment of $330,773 but keeps your monthly payment lower at $5,312/mo (at 6.794% interest) with no monthly PMI. In comparison, an FHA loan requires only $57,885 (3.5% down) but has an estimated payment of $5,969/mo (at 5.952% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $1,595,979 exceeds the local HUD FHA limit of $1,209,750 for a 1-unit property, meaning entry-level buyers here will likely require conventional financing or a larger down payment to comply with government limits.
What is the maximum conforming loan limit in Santa Monica-Malibu before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Santa Monica-Malibu is $806,501. With a typical local home value of $1,653,864 in , a standard 20%-down mortgage requires a loan size of $1,323,091. Since this exceeds the conforming limit of $806,501, most typical transactions in require a non-conforming Jumbo loan, which demands stricter underwriting guidelines, higher credit scores, and larger asset reserves.
How does the median home value in Santa Monica-Malibu, CA impact estimated mortgage payments?
The median home value in Santa Monica-Malibu, CA is estimated at $1,653,864. Buying a typical home here with a standard 20% down payment ($330,773) translates to an estimated starting monthly mortgage payment of $5,312 (principal and interest). Compared to the local area median household income of $141,366 ($11,781/mo), this basic housing payment represents approximately 45.1% of gross monthly household income. Because this housing cost exceeds the standard 36% lender DTI guideline, buyers in this high-value area may need larger down payments, lower debt balances, or co-borrower income to qualify.