Question 1

Can I use a VA loan if I already own a home with VA financing?

Accepted Answer

Yes, if you have remaining entitlement. Most veterans have enough for a second VA loan, especially after selling a previous VA-financed property.

Question 2

Which loan has lower interest rates in San Fernando right now?

Accepted Answer

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.

Question 3

Do sellers in San Fernando prefer conventional over VA offers?

Accepted Answer

Some do because VA appraisals check property condition more strictly. A strong offer and quick close matter more than loan type in most cases.

Question 4

Can I avoid PMI on a conventional loan without 20% down?

Accepted Answer

Yes, through lender-paid MI or piggyback loans. These options trade higher rates or second mortgages to eliminate monthly PMI.

Question 5

What credit score do I need for each loan type?

Accepted Answer

VA lenders typically accept 580-620 minimum. Conventional starts at 620 but pricing improves significantly at 680 and above.

Conventional vs VA Loans in San Fernando: Which Mortgage Fits Your Situation?