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in Pico Rivera, CA
Most Pico Rivera buyers choose between conventional and VA financing. Your military service status makes this decision straightforward.
Both loans work across Pico Rivera's single-family homes and condos. The right choice depends on whether you qualify for VA benefits and how much you can put down.
Conventional loans set the standard for most Los Angeles County buyers. You need 620+ credit and can put down as little as 3% with PMI until you hit 20% equity.
Rates vary by borrower profile and market conditions. Stronger credit and bigger down payments unlock better pricing and eliminate mortgage insurance faster.
VA loans eliminate down payments for eligible veterans and active military. You pay a funding fee instead of PMI, and lenders waive it entirely for disabled veterans.
Credit standards flex lower than conventional. Most VA lenders approve 580+ credit, and you can refinance multiple times with VA streamline programs.
Down payment separates these programs most. VA requires nothing upfront while conventional demands 3-20% depending on your loan type and risk profile.
Ongoing costs differ too. Conventional charges PMI monthly until 20% equity; VA charges a one-time funding fee but no recurring insurance.
If you qualify for VA benefits, use them. Zero down and no PMI beat conventional terms for nearly every Pico Rivera buyer with military service.
Conventional makes sense when you're not eligible for VA or buying investment property. VA loans require you to occupy the home, so investors default to conventional financing.
Yes, as long as you intend to occupy the home. You don't need to be stationed locally, just plan to live there as your primary residence.
Usually yes. Conventional typically needs 620+ while VA lenders approve 580+ credit for most borrowers with service eligibility.
Timeline depends more on your lender than loan type. Both conventional and VA close in 25-35 days with responsive brokers and underwriters.
Not typically. You'll pay PMI until you hit 20% equity through payments or appreciation, unlike VA which has no monthly insurance.
The funding fee adds upfront cost, but you can roll it into the loan. Total closing costs often run similar between both programs.