Loading
in Bellflower, CA
Bellflower buyers face a clear choice between conventional financing and VA-backed mortgages. Your military status decides whether you even qualify for a VA loan, but eligible veterans often find it's the better deal.
Conventional loans dominate the market for civilian buyers. VA loans give service members a massive advantage through zero down payment and no mortgage insurance requirements.
Conventional loans require 620+ credit and 3% down minimum for most borrowers. Put down less than 20% and you'll pay private mortgage insurance until you hit 20% equity.
These loans work for anyone meeting credit and income standards. Lenders cap your debt-to-income ratio at 50%, sometimes lower depending on credit strength and reserves.
Conventional financing handles any property type in Bellflower from condos to single-family homes. Loan limits reach $806,500 for 2025, covering most local inventory.
VA loans eliminate down payment requirements entirely for eligible veterans and service members. You also skip mortgage insurance, saving $200-400 monthly on typical Bellflower purchase prices.
Credit standards run more flexible than conventional loans. Many lenders approve 580+ scores, and the VA guarantees 25% of the loan amount if you default.
You'll pay a one-time funding fee ranging from 1.4% to 3.6% of the loan amount. Veterans with service-connected disabilities get this fee waived completely.
Down payment creates the biggest split. Conventional buyers need at least 3% saved, while VA borrowers walk in with nothing down and still get competitive rates.
Monthly costs favor VA loans heavily. Skip PMI and you're saving hundreds each month compared to a conventional loan under 20% down.
Property standards differ sharply. VA appraisers flag maintenance issues that conventional appraisers ignore, sometimes killing deals on older Bellflower homes needing work.
Choose VA if you're eligible, period. The combination of zero down and no PMI beats conventional financing in almost every scenario for military-connected buyers.
Conventional makes sense when you're not eligible for VA or when you're buying a fixer-upper that won't pass VA inspection. Properties needing significant repairs often require conventional financing.
First-time civilian buyers in Bellflower typically use conventional 3% down programs. Veterans and service members would be leaving money on the table by not using their VA benefit.
Yes, if the complex is VA-approved. Many Bellflower condos qualify, but the HOA must meet VA standards for reserves and owner-occupancy rates.
Expect $150-350 monthly depending on down payment and credit score. VA loans avoid this cost entirely through the VA guarantee structure.
Not anymore. Most VA loans close in 30 days, matching conventional timelines when you work with experienced VA lenders.
Yes, up to four units if you occupy one. Conventional loans also allow this with higher down payments required.
Conventional lenders want 620 minimum, 740+ for best rates. VA lenders often approve 580-600 scores with compensating factors.