Question 1

Can a veteran choose a conventional loan over VA?

Accepted Answer

Yes. Some vets prefer conventional when putting 20% down to avoid the VA funding fee. Run both scenarios and compare total costs.

Question 2

Does VA work for rural Lakeport properties?

Accepted Answer

VA loans work on standard residential properties. The home must meet VA minimum property requirements, which most move-in-ready homes pass.

Question 3

What credit score do I need for each loan?

Accepted Answer

Most conventional lenders want 620 minimum. VA has no official minimum, but most lenders require at least 580-620 in practice.

Question 4

Do both loans allow seller concessions?

Accepted Answer

Yes. VA allows sellers to cover up to 4% in concessions. Conventional limits vary by down payment, typically 3-9%.

Question 5

Is there a loan limit for VA loans?

Accepted Answer

VA removed loan limits for eligible borrowers with full entitlement. Conventional conforming limits still apply unless you go jumbo.

Conventional vs VA Loans in Lakeport, CA