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in Lawndale, CA
Lawndale sits in the middle of the South Bay, where housing prices put down payments at a premium. The difference between a VA loan's zero down and a conventional loan's 3-20% can be $30,000-$100,000 upfront.
If you're military-affiliated, VA wins on cash outlay every time. If you're not, conventional is your only option—and it's still competitive if you bring the down payment.
Conventional loans are the most common mortgage type in Lawndale. You need at least 3% down, 620+ credit, and stable income documentation—typically W-2s or tax returns.
With 20% down, you skip PMI entirely. Put down less, and you'll pay mortgage insurance until you hit 20% equity—but you can drop it once you're there, unlike FHA.
These loans work for primary homes, second homes, and investment properties. Limits go up to $806,500 in Los Angeles County for conforming loans, higher for jumbos.
VA loans are backed by the Department of Veterans Affairs. No down payment required, no monthly mortgage insurance, and credit standards are more forgiving than conventional.
You'll pay a VA funding fee—typically 2.15% for first-time use with zero down. Veterans with a service-connected disability get that waived entirely.
Rates often beat conventional by 0.25-0.5% because the VA guarantee reduces lender risk. You can only use it for primary residences, not rentals or second homes.
The biggest split is down payment. VA requires zero. Conventional requires 3-20%, depending on whether you want to avoid PMI.
Credit flexibility favors VA—you can often qualify with a 580-600 score if compensating factors are strong. Conventional typically wants 620 minimum, higher for better pricing.
VA charges a one-time funding fee instead of monthly PMI. Conventional charges monthly PMI if you put down less than 20%, but it drops off once you reach 20% equity.
If you have a Certificate of Eligibility and you're buying a primary residence, VA is almost always the better deal. Zero down, no PMI, and lower rates make it hard to beat.
Use conventional if you're not military-affiliated, buying an investment property, or purchasing a second home. It's also the move if you're a veteran buying a rental—VA won't allow it.
Yes, if you occupy one unit as your primary residence. VA allows up to 4 units as long as you live in one of them.
Not anymore. Most VA loans close in 25-30 days, same as conventional, as long as your eligibility is verified upfront.
No. PMI is required on conventional loans with less than 20% down until you reach 20% equity through payments or appreciation.
Second use with zero down is 3.3%. Put down 5% or more and it drops to 1.25%.
Yes. You can have a VA loan on your primary home and a conventional loan on an investment property simultaneously.