Question 1

Can I use a VA loan in Gonzales with no down payment?

Accepted Answer

Yes, if you have full VA entitlement. No down payment is required in Monterey County for eligible veterans.

Question 2

Do VA loans have mortgage insurance?

Accepted Answer

No. VA loans have no monthly mortgage insurance. You pay a one-time funding fee instead, which can be rolled into the loan.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require 620 minimum. Better scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

Which loan has lower rates in Monterey County?

Accepted Answer

VA loans typically carry lower rates than conventional. 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 to preserve VA entitlement for a future purchase or investment property.

Question 6

Is the VA funding fee required for every borrower?

Accepted Answer

No. Veterans with a service-connected disability rating are exempt from the VA funding fee entirely.

Conventional vs VA Loans in Gonzales, CA