Question 1

Can I use a VA loan to buy rural property in Alturas?

Accepted Answer

Yes. VA loans work on qualifying rural properties. The home must be your primary residence and meet VA minimum property standards.

Question 2

Do VA loans have loan limits in Modoc County?

Accepted Answer

Veterans with full VA entitlement have no loan limit. Borrowers with reduced entitlement face county-level caps.

Question 3

Which loan has lower mortgage insurance costs?

Accepted Answer

VA loans have no PMI at all. Conventional loans require PMI below 20% down, which adds to your monthly payment.

Question 4

Is the VA funding fee worth it compared to conventional PMI?

Accepted Answer

Usually yes. The funding fee is a one-time cost. PMI on a conventional loan is paid monthly until you reach 20% equity.

Question 5

What credit score do I need for each loan?

Accepted Answer

Most lenders want 620+ for conventional. VA has no official minimum, but most lenders still want 580-620.

Question 6

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

Accepted Answer

Yes, in some cases. VA entitlement can be used again after payoff, and you can hold a conventional loan simultaneously on other properties.

Conventional vs VA Loans in Alturas, CA