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in Corcoran, CA
Corcoran buyers face a clear choice between two strong loan options. Conventional loans work for any qualified buyer, while VA loans serve military families with zero down payment.
The right choice depends on your veteran status and cash reserves. Veterans with VA eligibility almost always save money by using that benefit instead of conventional financing.
Conventional loans require 620+ credit and 3-5% down payment minimum. You'll pay private mortgage insurance if you put down less than 20%, which adds $100-300 monthly on typical Corcoran home prices.
These loans work for anyone who qualifies — no military service needed. Rates vary by credit score, with 740+ scores getting the best pricing from lenders.
VA loans eliminate the down payment requirement entirely for eligible veterans and active-duty service members. You pay a funding fee (1.4-3.6% depending on service type) but no monthly mortgage insurance.
Credit requirements flex lower than conventional — many veterans qualify with 580 scores. VA appraisals scrutinize property condition more strictly than conventional appraisals, protecting your investment.
Down payment splits these loans dramatically. Conventional demands 3-5% cash, while VA allows $0 down on Corcoran homes at any price point.
Monthly costs favor VA even with the funding fee. A $350,000 Corcoran home needs roughly $200 less per month with VA versus conventional at 5% down, thanks to no PMI and better rates.
If you qualify for VA, use it. The savings over conventional financing typically exceed $15,000 in the first five years through lower rates and no PMI.
Conventional makes sense only if you're not eligible for VA benefits. Non-military buyers have no choice, and some veterans buying investment properties must use conventional since VA requires owner occupancy.
Yes, VA loans allow zero down payment on Corcoran homes at any price. You only pay the funding fee and closing costs.
Both take 30-45 days typically. VA appraisals sometimes add 5-7 days due to stricter property condition requirements.
Yes, conventional needs 620 minimum while VA often approves 580+ scores. Veterans with modest credit benefit significantly from VA flexibility.
First-time VA users pay 2.15% with zero down. Veterans with service-connected disabilities pay nothing.
Only by putting 20% down upfront or reaching 20% equity through payments. VA never charges PMI at any down payment level.
VA rates run 0.25-0.5% below conventional for similar credit profiles. Rates vary by borrower profile and market conditions.