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in La Canada Flintridge, CA
La Cañada Flintridge home prices run high, making your loan choice critical. Veterans have a major advantage here — VA loans eliminate down payment and PMI costs that conventional buyers face.
Both loan types work well in this market, but they serve different borrowers. Your military service status changes everything about which option makes financial sense.
Conventional loans are the default option for most La Cañada Flintridge buyers. You'll need at least 3% down, though 20% lets you skip PMI entirely.
Credit requirements start at 620, but expect to need 680+ for competitive rates. Higher loan amounts in this area mean jumbo conventional loans often come into play above $766,550.
PMI adds $100-300 monthly on loans under 20% down. Rates vary by credit score and down payment size — stronger profiles get measurably better pricing.
VA loans give eligible veterans zero down payment up to $766,550 with no PMI ever. Above that limit, you put 25% down on the excess amount only.
Credit standards are flexible — many lenders approve 580+ scores. The VA funding fee runs 2.15-3.3% but gets financed into your loan, not paid upfront.
These loans dominate for qualified buyers in expensive areas. No down payment on a $750,000 home means keeping $150,000 in your pocket versus 20% conventional down.
Down payment separates these loans most. Conventional needs 3-20% of purchase price. VA needs nothing up to $766,550, saving you tens of thousands upfront.
Monthly costs differ too. Conventional loans under 20% down carry PMI that adds $150-400 monthly. VA loans never have PMI, though you pay a one-time funding fee instead.
Eligibility is binary. Veterans, active military, and qualifying spouses can use VA. Everyone else uses conventional, FHA, or non-QM options.
If you qualify for VA, use it. The zero-down feature alone saves six figures in La Cañada Flintridge. Skipping PMI cuts another $200+ monthly compared to low-down conventional.
Conventional makes sense when you're not VA-eligible or buying well above conforming limits. Putting 20% down eliminates PMI and often beats VA rates slightly.
Some veterans still choose conventional for investment properties or when they've maxed VA entitlement. Most should stick with VA for primary residences — the savings are too significant.
Yes, but you'll need 25% down on amounts above $766,550. A $1 million home requires $58,363 down, still far less than conventional's $200,000.
Both close in 25-35 days typically. VA appraisals sometimes take longer, but experienced lenders manage timelines equally well for either loan type.
VA rates run 0.25-0.5% lower on average. Rates vary by borrower profile and market conditions, but VA pricing generally wins.
Veterans with service-connected disabilities are exempt. Otherwise, the fee applies but finances into your loan rather than requiring cash upfront.
Some prefer conventional, wrongly assuming VA is slower. Strong pre-approval and quick close timelines make either loan equally competitive in offers.