Question 1

Can veterans choose conventional loans instead of VA?

Accepted Answer

Yes, veterans can use conventional financing anytime. Some do this in competitive markets or for investment properties where VA loans aren't allowed.

Question 2

How much does the VA funding fee add to my loan?

Accepted Answer

First-time VA users pay 2.15% with zero down, or $6,450 on a $300,000 loan. That amount finances into the mortgage and spreads across 30 years of payments.

Question 3

Do VA loans really take longer to close in Pomona?

Accepted Answer

VA closings run 30-40 days versus 25-30 for conventional. The VA appraisal adds 5-7 days, and repair requirements occasionally extend timelines further.

Question 4

What credit score do I need for each loan type?

Accepted Answer

Conventional loans start at 620 but prefer 680+ for competitive rates. VA loans regularly approve 580-600 scores through our wholesale lender network.

Question 5

Can I use a VA loan on a multi-unit property in Pomona?

Accepted Answer

Yes, VA loans work on 2-4 unit properties if you occupy one unit. Conventional loans offer the same option with 15-25% down payment requirements.

Conventional vs VA Loans in Pomona: Which Saves You More?