Question 1

Can I use a VA loan for a condo in Concord?

Accepted Answer

Only if the complex is VA-approved, which many aren't. Check the VA's condo approval list before making an offer. Conventional loans work for any condo that meets standard guidelines.

Question 2

How much does PMI cost on a conventional loan?

Accepted Answer

Expect 0.5-1% of your loan amount annually with less than 20% down. On a $600,000 loan, that's $250-500 monthly until you hit 20% equity.

Question 3

Do VA loans really close slower than conventional?

Accepted Answer

Usually by 5-7 days because VA appraisals take longer. If you're competing against cash or conventional offers, that timeline matters to sellers.

Question 4

Can I avoid the VA funding fee?

Accepted Answer

Yes if you receive VA disability compensation. Active-duty members with Purple Hearts also qualify for the waiver. Otherwise, you'll pay 2.15% for first use.

Question 5

What credit score do I need for each loan type?

Accepted Answer

Both typically require 620 minimum, though VA lenders sometimes approve 580-600 scores. Higher scores get better rates on both loan types.

Question 6

Can I put money down on a VA loan?

Accepted Answer

Yes, and it lowers your funding fee to 1.25%. Some buyers do this to strengthen their offer against conventional buyers in Concord's competitive market.

Conventional vs VA Loans in Concord: Which Gets You Home Faster?