Question 1

Can I use a VA loan in Carmel By The Sea?

Accepted Answer

Yes, VA loans work in Monterey County. Eligible veterans can finance a Carmel property with zero down.

Question 2

Do VA loans have loan limits in California?

Accepted Answer

Veterans with full entitlement have no VA loan limit. Reduced entitlement borrowers face county-based caps.

Question 3

Is PMI required on a conventional loan here?

Accepted Answer

Yes, if your down payment is under 20%. PMI drops off once you reach 20% equity in the home.

Question 4

Which loan has the lower interest rate?

Accepted Answer

VA rates are often lower than conventional rates. Rates vary by borrower profile and market conditions.

Question 5

Can I use a conventional loan if I'm a veteran?

Accepted Answer

Yes. Some veterans prefer conventional for investment properties or second homes, where VA benefits don't apply.

Question 6

What credit score do I need for each loan?

Accepted Answer

Conventional typically requires 620+. VA has no official minimum, but most lenders want at least 580-620.

Conventional vs VA Loans in Carmel By The Sea