Question 1

Can I use a VA loan if I've never served in the military?

Accepted Answer

No. VA loans require active-duty service, veteran status, or qualification as a surviving spouse. Civilian borrowers need conventional or other loan types.

Question 2

Which loan type closes faster in San Joaquin?

Accepted Answer

Both close in 25-35 days typically. VA appraisals sometimes take longer, but the difference is minimal with experienced lenders.

Question 3

Do VA loans have lower interest rates than conventional?

Accepted Answer

Usually, yes. VA rates run 0.25-0.50% lower on average because the government guarantee reduces lender risk.

Question 4

Can I avoid PMI on a conventional loan with less than 20% down?

Accepted Answer

Not on standard conventional loans. You'll pay PMI until you reach 20% equity through payments or appreciation.

Question 5

What's the VA funding fee in California?

Accepted Answer

First-time VA users pay 2.3% with zero down, 1.65% with 5%+ down. Subsequent use increases to 3.6% for zero-down purchases.

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