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in Rosemead, CA
Most Rosemead buyers default to conventional loans without checking if they qualify for VA financing. That's a mistake—veterans often leave thousands on the table.
The right choice depends on your military status and how much you have saved. We'll break down which loan saves you money and which one approves faster.
Conventional loans are the standard mortgage most Americans use. You need a 620 credit score minimum, and down payments start at 3% for first-time buyers or 5% for repeat buyers.
Put down less than 20%, and you pay PMI until you hit 20% equity. Rates vary by borrower profile and market conditions, but strong credit usually unlocks the lowest pricing.
These loans work for primary homes, second homes, and investment properties in Rosemead. Lenders cap your debt-to-income ratio at 43-50% depending on compensating factors.
VA loans are backed by the Department of Veterans Affairs for eligible military members. You pay nothing down and avoid PMI entirely, which saves serious money in Rosemead.
There's a one-time funding fee—typically 2.3% for first-time use—but you can roll it into the loan. Most lenders accept 580 credit scores, though 620+ gets you better terms.
You need a Certificate of Eligibility proving your service. Active duty, veterans with honorable discharge, and qualifying surviving spouses all get access.
The biggest gap is down payment and mortgage insurance. Conventional requires 3-20% down plus PMI under 20%. VA requires zero down with no PMI, saving $150-300 monthly on typical Rosemead homes.
Credit standards differ slightly. Conventional usually wants 620+ for decent rates. VA lenders often approve 580-619 scores, though you'll pay higher rates.
Property restrictions matter too. Conventional works for any home type—single family, condo, investment property. VA only covers primary residences and requires the home to meet VA appraisal standards.
If you're eligible for VA, use it—especially if you have under 20% to put down. The savings from skipping PMI beat conventional every time for primary homes in Rosemead.
Choose conventional if you're buying a second home, investment property, or you're not military-eligible. Also consider it if VA funding fees push your total loan amount too high for comfort.
One exception: some veterans with 20%+ down prefer conventional because they avoid the funding fee entirely and get similar rates. Run both scenarios with your broker before deciding.
Yes, but the condo complex must be VA-approved. Many Rosemead condos qualify, but your lender will verify approval status before you make an offer.
Conventional typically closes 2-3 days faster because VA requires a separate VA appraisal. Both usually complete within 21-30 days with an experienced broker.
Usually yes—VA rates run 0.25-0.50% lower on average. Rates vary by borrower profile and market conditions, so compare live quotes for both options.
Veterans with service-connected disabilities are exempt. Otherwise, you'll pay 2.3% first use or 3.6% on subsequent VA loans, which you can finance into the loan.
You'll pay PMI, typically $75-200 monthly on Rosemead homes. PMI drops off automatically once you reach 20% equity through payments or appreciation.
No. You choose one loan per property. Some veterans own multiple homes using VA for their primary and conventional for rentals.