Question 1

Can I use a VA loan on a Covina condo?

Accepted Answer

Yes, if the complex is VA-approved. Many Covina condos qualify, but the HOA must meet VA requirements. Check approval status before making offers.

Question 2

Do VA loans take longer to close than conventional?

Accepted Answer

Not significantly with experienced lenders. Both typically close in 25-35 days. VA appraisals add 2-3 days but rarely delay closing if you order early.

Question 3

Should veterans ever choose conventional over VA?

Accepted Answer

Only if buying a property type VA won't finance or if you have 20%+ down and want to preserve VA eligibility for a future purchase. Otherwise VA costs less.

Question 4

How much is PMI on a conventional loan in Covina?

Accepted Answer

Typically 0.5-1.5% of the loan amount annually, paid monthly. On a $600K loan with 5% down, expect $250-400 per month until you reach 20% equity.

Question 5

Can I avoid the VA funding fee?

Accepted Answer

Yes, if you have a service-connected disability rating. Veterans receiving VA compensation are exempt. All others pay 2.3% for first use, 3.6% for subsequent use.

Conventional vs VA Loans in Covina: Which Mortgage Fits Your Service and Savings Goals?