Question 1

Can I use a VA loan for investment property in Hawaiian Gardens?

Accepted Answer

No. VA loans require you to occupy the property as your primary residence within 60 days of closing and live there for at least one year.

Question 2

How much does PMI cost on a conventional loan?

Accepted Answer

PMI typically runs 0.3-1.5% of your loan amount annually, paid monthly. On a $400,000 loan, expect $100-500 per month until you reach 20% equity.

Question 3

Which loan has better interest rates?

Accepted Answer

VA loans typically price 0.25-0.50% lower than conventional due to government backing. Rates vary by borrower profile and market conditions.

Question 4

Can I avoid the VA funding fee?

Accepted Answer

Yes. Veterans with service-connected disabilities and surviving spouses of veterans who died in service are exempt from the VA funding fee entirely.

Question 5

What credit score do I need for each loan type?

Accepted Answer

Most lenders approve VA loans at 580-600 credit scores. Conventional loans require 620 minimum, with better rates kicking in at 680+.

Question 6

Can I use VA and conventional loans together?

Accepted Answer

Not on the same property. But you can have an existing VA loan and use conventional for a second home or investment property simultaneously.

Conventional vs VA Loans in Hawaiian Gardens: Which Mortgage Fits Your Service Record?