Loading
in San Fernando, CA
San Fernando buyers often ask whether to use their VA benefits or go conventional. The answer depends on your service history, down payment, and how long you plan to stay in the home.
Both loans work well in this market. VA loans eliminate down payments for eligible veterans. Conventional loans offer flexibility if you're not military or buying an investment property.
Conventional loans require 3-20% down depending on the property type and your credit profile. You'll pay PMI if you put down less than 20%, but you can cancel it once you hit 20% equity.
These loans work for primary homes, second homes, and investment properties. Credit requirements start around 620, though 680+ gets you better pricing. No service requirement — anyone can apply.
VA loans require zero down and no monthly mortgage insurance. You pay a funding fee at closing (typically 2.3% for first use), but disabled veterans get it waived completely.
Only eligible veterans, active duty service members, and qualifying spouses can use VA financing. The loan limits don't cap purchase price — you just need enough entitlement for the loan amount.
The biggest split is down payment and mortgage insurance. VA eliminates both monthly MI and the down payment requirement. Conventional requires 3-20% down and charges PMI until you reach 20% equity.
VA loans only work for primary residences and require military service. Conventional loans have no service requirement and allow investment properties, second homes, and unlimited simultaneous mortgages.
Use VA if you qualify — the zero down and no PMI save thousands over the loan term. The funding fee adds upfront cost, but monthly savings usually outweigh it within two years.
Go conventional if you're not military-eligible, buying investment property, or already using VA benefits on another home. Also choose conventional if you're disabled and buying a multi-unit — VA works but conventional might price better on 3-4 units.
Yes, if you have remaining entitlement. Most veterans have enough for a second VA loan, especially after selling a previous VA-financed property.
Rates vary by borrower profile and market conditions. VA and conventional rates run close — your credit score and down payment affect pricing more than loan type.
Some do because VA appraisals check property condition more strictly. A strong offer and quick close matter more than loan type in most cases.
Yes, through lender-paid MI or piggyback loans. These options trade higher rates or second mortgages to eliminate monthly PMI.
VA lenders typically accept 580-620 minimum. Conventional starts at 620 but pricing improves significantly at 680 and above.