Question 1

Can I use a VA loan on Lafayette's pricier homes over $1.5M?

Accepted Answer

Yes, VA loans have no maximum purchase price in high-cost areas like Contra Costa County. You'll need income to qualify for the payment, but there's no loan cap.

Question 2

Does conventional ever beat VA even if I'm eligible?

Accepted Answer

Sometimes yes. If the property needs work or sellers are wary of VA appraisals, conventional with 20% down can win deals VA loans would lose.

Question 3

What credit score do I need for each program in Lafayette?

Accepted Answer

VA requires 620 minimum, conventional 620-640 depending on down payment. For Lafayette's prices, we recommend 680+ for either program to get competitive rates.

Question 4

Can I remove the VA funding fee if I put money down?

Accepted Answer

The fee doesn't disappear but it drops significantly. With 10%+ down it falls from 2.15% to 1.25%, saving $10,800 on a $1.2M loan.

Question 5

Which loan closes faster in Lafayette's competitive market?

Accepted Answer

Both close in 25-35 days typically. Conventional edges ahead slightly since VA appraisals sometimes require re-inspections for property repairs.

Conventional vs VA Loans in Lafayette: Which Mortgage Fits Your Situation?