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in Whittier, CA
Whittier buyers with military service face a real decision: use VA benefits or go conventional. Each path has different upfront costs, approval standards, and long-term expenses.
Your service history unlocks VA's zero-down option. But conventional loans sometimes win on speed, seller acceptance, or flexibility when buying investment property or a second home.
Conventional loans require 3-20% down depending on whether you're buying a primary home or investment property. Credit standards start at 620, though most competitive rates need 680 or higher.
You'll pay private mortgage insurance under 20% down, adding $50-200 monthly on a typical Whittier purchase. No occupancy requirement means you can buy rentals or second homes without restrictions.
VA loans eliminate down payment entirely for eligible service members and veterans. You'll pay a one-time funding fee of 2.15-3.3% unless you're service-disabled, which waives the cost completely.
No monthly mortgage insurance saves $100-250 per month compared to conventional with low down payment. Credit standards are more forgiving—we close VA loans at 580 credit that wouldn't qualify conventionally.
Down payment separates these paths most dramatically. VA needs zero cash to close beyond typical costs like escrow and appraisal. Conventional demands at least 3% of purchase price, which runs $18,000 on a $600,000 Whittier home.
Monthly costs favor VA heavily when comparing low-down scenarios. A conventional buyer with 5% down pays PMI until hitting 20% equity—often 5-7 years. VA buyers never carry that monthly charge.
Use VA if you're buying a primary home in Whittier and qualify through service. The zero-down benefit and no PMI typically save $15,000-30,000 in the first five years versus conventional with minimum down.
Choose conventional when buying investment property, a second home, or competing against multiple offers where sellers prefer faster closings. Some Whittier sellers still favor conventional buyers incorrectly assuming VA appraisals delay deals.
No. VA loans require you occupy the home as your primary residence. Investment properties need conventional financing or specialized investor loans.
Conventional typically closes 3-5 days faster. VA appraisals include property condition requirements that occasionally add timeline, though the gap is smaller than most sellers think.
No. VA rates often run 0.25-0.5% lower than conventional due to government backing. Rates vary by borrower profile and market conditions.
Yes, through lender-paid mortgage insurance or piggyback second mortgages. Both options cost more in rate or monthly payment than standard PMI in most cases.
Conventional loans start at 620 but competitive rates need 680+. VA loans accept 580-600 credit with compensating factors like stable income or cash reserves.
Not for vacation homes. VA allows a second purchase only if relocating for work or military orders while retaining your first VA-financed property.