Question 1

Can I use a VA loan in Berkeley with high home prices?

Accepted Answer

Yes. VA loan limits were removed for borrowers with full entitlement. You can borrow above conforming limits with no down payment if you qualify.

Question 2

Do VA loans take longer to close than conventional?

Accepted Answer

VA loans require a VA appraisal, which can add a few days. Most experienced lenders close VA loans in 30 days without issues.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders want a 620 minimum. Better rates kick in at 740 and above.

Question 4

Does the VA funding fee make VA loans more expensive?

Accepted Answer

Over time, no. Skipping PMI saves more than the funding fee costs in most cases. The fee can also be rolled into the loan.

Question 5

Can I use a conventional loan if I also qualify for VA?

Accepted Answer

Yes. Some veterans choose conventional to avoid the funding fee or buy investment properties. Run both scenarios before deciding.

Question 6

Are Berkeley condos eligible for VA loans?

Accepted Answer

Only if the condo project is VA-approved. Check the VA condo database before falling in love with a specific building.

Conventional vs VA Loans in Berkeley, CA