Question 1

Can I use a VA loan on a second home in Madera?

Accepted Answer

No. VA loans are for primary residences only. Conventional loans are the right tool for second homes or vacation properties.

Question 2

Do VA loans have a loan limit in Madera County?

Accepted Answer

Veterans with full entitlement have no loan limit. Borrowers with partial entitlement may face limits — we can check your COE.

Question 3

What's the VA funding fee?

Accepted Answer

It's a one-time fee rolled into the loan. The amount depends on your down payment and whether you've used VA benefits before.

Question 4

Which loan closes faster — VA or conventional?

Accepted Answer

Conventional typically closes faster. VA loans require a VA appraisal, which adds time but protects the borrower.

Question 5

Does conventional require PMI with less than 20% down?

Accepted Answer

Yes. Private mortgage insurance is required until you hit 20% equity. VA borrowers never pay PMI.

Question 6

Can I have both a VA loan and a conventional loan?

Accepted Answer

Yes, in some cases. It depends on your remaining VA entitlement. We see this with buyers who kept a previous VA-financed home.

Conventional vs VA Loans in Madera, CA