Question 1

Can I use a VA loan to buy land in Placerville?

Accepted Answer

VA loans require a home to be built or already on the property. Raw land purchases don't qualify. Conventional construction loans are the typical path for land buyers.

Question 2

Do VA loans have higher closing costs?

Accepted Answer

VA loans include a funding fee, which adds to closing costs. But no PMI and no down payment usually make total costs lower than conventional.

Question 3

What credit score do I need for each loan?

Accepted Answer

Most lenders want 620+ for both. VA technically has no minimum, but individual lenders set their own overlays.

Question 4

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

Accepted Answer

Yes. VA is for primary residences. You can hold a conventional loan on a second property while using your VA benefit on your primary home.

Question 5

Which loan is better for Placerville's rural properties?

Accepted Answer

Both work for standard homes. Properties with large acreage may need conventional financing if VA's appraisal requirements become a sticking point.

Conventional vs VA Loans in Placerville, CA