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in Glendora, CA
Veterans in Glendora face a clear choice: use your VA benefit for zero down, or go conventional with more property type flexibility. Most service members default to VA without running the numbers on both options.
The right choice depends on your down payment savings, credit profile, and the property you're buying. Some Glendora buyers actually save money going conventional even when they qualify for VA.
Conventional loans require 3-20% down and minimum 620 credit for most programs. You'll pay PMI under 20% down, typically 0.3-1.5% of the loan amount annually until you hit 20% equity.
These loans work for any property type and have no funding fees. Lenders offer rate buydowns, and you can drop PMI once equity reaches 20% through appreciation or paydown.
Underwriting focuses on debt-to-income ratios under 50% and stable employment history. Conventional loans close faster than government programs because fewer parties touch the file.
VA loans require zero down payment for eligible veterans and service members. You'll pay a 2.15-3.3% funding fee unless disabled, but no monthly mortgage insurance regardless of down payment.
Sellers can pay all closing costs, and VA limits what lenders can charge borrowers. Credit requirements are flexible—most lenders approve 580+ scores with strong compensating factors.
The loan assumes properties meet VA's minimum property requirements, which screen for safety issues. Some condos don't qualify for VA financing, limiting inventory in certain Glendora developments.
VA charges a one-time funding fee instead of monthly PMI. With 5% down on a $700,000 Glendora home, conventional PMI costs about $290/month while VA's funding fee adds $15,050 upfront but nothing monthly.
Conventional loans accept any property that appraises. VA requires properties meet minimum standards and won't finance fixer-uppers needing major repairs before move-in.
Credit score affects conventional rates dramatically—a 640 score might price 0.5% higher than 740. VA rates vary less by credit, giving lower-score veterans better pricing than conventional would offer.
Choose VA if you're putting down less than 10% and the property passes VA inspection. The upfront funding fee costs less than years of PMI, and you preserve cash for reserves or improvements.
Go conventional if you have 10-20% down and want property flexibility. Veterans buying condos or homes needing work often need conventional approval because VA won't finance the deal.
If you're putting 20%+ down, conventional usually wins—no funding fee, no PMI, faster closing. The main reason to use VA with big down payments is horrible credit that prices you out on conventional.
No. VA requires properties be move-in ready with no safety or structural issues. You'd need conventional financing or a renovation loan.
Depends on credit. VA rates beat conventional for scores under 680. Above 720, conventional often prices better, especially with points.
Rarely. You'd need 15%+ down and plan to sell within three years for conventional PMI to cost less than the VA funding fee.
Yes, through VA refinancing. Many veterans buy with conventional then refinance to VA for better terms once rates drop.
Some do because VA appraisals are stricter. Offering a strong earnest deposit and fast closing timeline offsets this concern.