Question 1

Can I use a VA loan to buy a condo in Emeryville?

Accepted Answer

Yes, but the condo project must be VA-approved. Check the VA's approved condo list before you fall in love with a unit.

Question 2

Do VA loans have a loan limit in Alameda County?

Accepted Answer

Veterans with full VA entitlement have no loan limit. Borrowers with reduced entitlement may face county limits.

Question 3

Is the VA funding fee worth it compared to conventional PMI?

Accepted Answer

Usually yes. The funding fee is one-time. PMI on a conventional loan costs you monthly until you hit 20% equity.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

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

Question 5

Can I have both a VA loan and a conventional loan at the same time?

Accepted Answer

Yes. VA loans are for primary residences, so a conventional loan can cover a second home or investment property simultaneously.

Conventional vs VA Loans in Emeryville, CA