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in Orland, CA
Most Orland buyers choose between conventional and VA loans. Your military service history determines which one you can access.
Conventional loans work for anyone with decent credit. VA loans serve veterans and active military with zero down payment. Both close deals in Glenn County every week.
Conventional loans let you put down as little as 3% with good credit. You'll pay PMI until you hit 20% equity, typically $80-200 monthly on Orland-priced homes.
We see credit minimums around 620, though 680+ gets you better rates. Income needs to support the payment at 43-50% debt-to-income. Most Orland buyers close conventional loans in 25-35 days.
VA loans eliminate down payment requirements entirely. You pay a one-time funding fee instead of monthly PMI, saving $100-200 per month versus conventional with low down payment.
No minimum credit score exists in VA guidelines, though most lenders want 580-620. Your Certificate of Eligibility proves service time. Orland's rural character fits VA perfectly since the program has no loan limits here.
Down payment separates these programs most. Conventional needs 3-20% upfront while VA requires $0. That's $9,000-60,000 saved on a typical Orland purchase.
Monthly costs differ too. VA charges no PMI but adds a 2.3% funding fee you can roll into the loan. Conventional requires PMI monthly until 20% equity. VA usually beats conventional on rate by 0.25-0.50% as well.
Property requirements get stricter with VA. Their appraiser checks safety items conventional appraisers skip. Older Orland homes sometimes need repairs before VA approval.
Use VA if you qualify. The zero down payment and lower rate beat conventional math almost always. You'll save thousands upfront and hundreds monthly in most scenarios.
Pick conventional if you're buying investment property or need faster closing. VA only covers primary residences. Conventional also wins when the home needs work that VA appraisers would flag.
Some Orland buyers use both. Buy your first home with VA, then use conventional for a second property while renting the first. We structure these deals regularly.
Yes, but the property must pass VA appraisal standards. Older homes sometimes need roof or safety repairs first.
Expect $80-200 monthly depending on down payment and credit score. It drops off automatically at 78% loan-to-value.
Usually 2-5 days longer due to stricter appraisals. We close most VA loans in 30-35 days here.
Conventional typically requires 620 minimum. VA has no floor but most lenders want 580-620 for approval.
Yes if you receive disability compensation or are a surviving spouse. Otherwise it's 2.3% for first-time use with zero down.
Both work if it's your primary residence. VA covers up to 10 acres typically while conventional has fewer land restrictions.