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in Temple City, CA
Temple City buyers typically choose between conventional financing and VA loans if they're military-affiliated. Both get you into a home, but the paths look completely different.
Conventional loans reward strong credit and down payments. VA loans eliminate down payments entirely for eligible service members and veterans.
Conventional loans work through any lender and don't require government backing. You need at least 3% down, though 20% avoids mortgage insurance.
Credit score minimums typically start at 620, but you'll get better rates above 740. These loans fit well for buyers with savings and solid employment history.
Loan limits in LA County go up to $806,500 for conforming loans as of 2026. Above that, you're in jumbo territory with different requirements.
VA loans guarantee 100% financing for eligible military members, veterans, and surviving spouses. No down payment required regardless of purchase price.
The VA doesn't set a maximum loan amount, but lenders cap exposure based on your entitlement. Most Temple City buyers can finance well over $800,000 with zero down.
You'll pay a funding fee instead of mortgage insurance — typically 2.15% for first use with zero down. That fee can be rolled into the loan amount.
The biggest split is down payment. VA borrowers put nothing down. Conventional buyers need 3-20% cash depending on whether they want to avoid PMI.
Credit standards differ too. VA lenders often approve 580-600 credit scores. Conventional loans get much harder below 640, and pricing suffers under 700.
Property standards are stricter with VA. The appraisal checks safety and habitability — peeling paint or a broken water heater can kill the deal until fixed.
If you're military-affiliated and qualify for VA benefits, that's usually the better deal in Temple City. Zero down beats saving 20% on a $700,000+ home.
Conventional makes sense when VA isn't available or when the property won't pass VA appraisal standards. It's also the only option for investment properties.
Some veterans still choose conventional when they have 20% down and want to avoid the funding fee. Run the numbers both ways — sometimes the math favors conventional.
VA lenders often approve scores in the 580-620 range, much lower than conventional. You'll still need stable income and acceptable debt ratios.
No, most borrowers roll the funding fee into the loan amount. It gets financed over 30 years instead of paid at closing.
You can ask the seller to make repairs before closing. If they refuse, switch to conventional financing or find another property.
Both allow up to 4 units if you live in one. VA still requires zero down for a triplex. Conventional needs 15-25% down for multi-family.
Conventional typically closes slightly faster. VA appraisals take longer due to stricter property standards and fewer VA-approved appraisers.