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in Chowchilla, CA
Chowchilla buyers face a clear fork: conventional financing or VA benefits. The right choice depends entirely on your military service history.
Both loans can finance single-family homes and small agricultural properties common in Madera County. Your eligibility determines which path makes sense.
Conventional loans work for any borrower with decent credit and income documentation. You'll typically need 3-20% down, depending on your profile and loan amount.
Credit scores below 620 rarely get approved. Most lenders want 640 or higher for competitive rates. PMI applies when you put down less than 20%.
VA loans let eligible veterans and service members buy with zero down. No PMI ever, regardless of equity. The VA funding fee (1.4-3.6%) can roll into your loan.
You need a Certificate of Eligibility from the VA. Credit standards are flexible—many lenders approve scores as low as 580. Income must support the payment.
The VA loan eliminates two major costs: down payment and PMI. On a $350,000 Chowchilla home, that's $10,500 saved upfront plus $200-250 monthly.
Conventional loans offer faster closes in competitive markets. Some sellers prefer them because VA appraisals include property condition requirements that can delay or kill deals.
If you have VA eligibility, use it. The zero-down advantage and no PMI beat conventional financing in almost every scenario. Save your cash for closing costs and reserves.
Choose conventional if you're not VA-eligible or buying a property that won't pass VA condition standards. Rural Chowchilla properties sometimes have well or septic issues that complicate VA approvals.
Probably not. VA appraisers flag safety issues like damaged roofs or faulty water systems. The property must be move-in ready.
No. You regain full eligibility after selling and paying off the VA loan. Some buyers can use it multiple times simultaneously.
Conventional loans typically close 3-5 days faster. VA appraisals add time because they include property condition reviews.
Not on a standard conventional loan. Some lenders offer lender-paid PMI options, but you'll pay a higher interest rate instead.
Conventional loans typically require 640+ for competitive rates. VA lenders often approve 580+ scores with strong income documentation.