Question 1

Can I use a VA loan on a rental property in Gridley?

Accepted Answer

No. VA loans require the property to be your primary residence. Rental or investment use requires a conventional loan.

Question 2

What is the VA funding fee?

Accepted Answer

It's a one-time fee paid at closing, typically 1.25-3.3% of the loan. It replaces PMI and can be rolled into the loan.

Question 3

Do conventional loans have loan limits in Butte County?

Accepted Answer

Yes. Conforming loan limits apply. Anything above those limits requires a jumbo loan with stricter qualifying standards.

Question 4

Which loan is faster to close in Gridley?

Accepted Answer

Conventional loans often close faster. VA loans require a VA appraisal, which can add time depending on appraiser availability.

Question 5

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

Accepted Answer

Yes, in some cases. Remaining VA entitlement and conventional qualifying standards both factor in. Ask us to run the numbers.

Conventional vs VA Loans in Gridley, CA