Question 1

Can I use a VA loan on any Orinda property?

Accepted Answer

Only properties meeting VA condition standards and used as your primary residence. Investment properties and second homes require conventional financing.

Question 2

What credit score do I need for each program in Contra Costa County?

Accepted Answer

Conventional typically requires 640+ for competitive rates, though 620 is possible. VA lenders often approve 600-620 scores with compensating factors.

Question 3

Does the VA funding fee cost more than conventional PMI?

Accepted Answer

Short-term yes—2.15% upfront for first-time VA users. Long-term usually no, since you avoid ongoing monthly PMI that conventional charges below 80% LTV.

Question 4

Can I use conventional and VA loans for the same purchase?

Accepted Answer

No, you choose one program per transaction. But you can refinance from one to the other later if it makes financial sense.

Question 5

What's the Orinda loan limit difference between these programs?

Accepted Answer

Both share the $832,750 conforming limit for Contra Costa County. Above that, VA requires down payment on the excess; conventional becomes a jumbo loan.

Conventional vs VA Loans in Orinda: Which Mortgage Fits Your Home Purchase?