Question 1

Can I use VA benefits if I have less than perfect credit?

Accepted Answer

Yes, most VA lenders approve 580-600 scores with clean recent payment history. Conventional typically requires 620 minimum for approval.

Question 2

Does the VA funding fee cost more than conventional PMI?

Accepted Answer

Short-term yes, long-term no. The 2.15% fee rolls into your loan but you never pay monthly PMI, saving $150-250 monthly for years.

Question 3

Which loan closes faster in Clovis?

Accepted Answer

Conventional usually closes quicker on older properties. VA appraisals flag repair items that delay closings by 1-3 weeks if sellers resist fixes.

Question 4

Can I refinance from conventional to VA later?

Accepted Answer

Yes, through a VA Cash-Out or Rate-and-Term refinance. You'll pay the funding fee but eliminate PMI if you're still under 20% equity.

Question 5

Do both loans work for Clovis condos?

Accepted Answer

Conventional works for any condo meeting basic standards. VA requires the complex to be on the VA-approved list or go through approval, adding time.

Question 6

Should I put money down on a VA loan if I have savings?

Accepted Answer

Putting 5-10% down lowers your funding fee from 2.15% to 1.5%. Run the numbers with your broker to see if that beats keeping cash liquid.

Conventional vs VA Loans in Clovis: Which Mortgage Works Best for Your Home Purchase?