Question 1

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

Accepted Answer

Yes. VA loans have no down payment requirement for eligible borrowers. There is no loan limit cap if you have full VA entitlement.

Question 2

Do VA loans have mortgage insurance?

Accepted Answer

No PMI ever on a VA loan. You pay a one-time funding fee instead, which can be financed into the loan balance.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require a 620 minimum. Better scores get better rates — 740+ puts you in the top pricing tier.

Question 4

Can I use a VA loan to buy a rental property in Monterey?

Accepted Answer

No. VA loans require the property to be your primary residence. Rentals and investment properties need conventional or other financing.

Question 5

Which loan is faster to close in Monterey?

Accepted Answer

Conventional loans often close faster. VA loans require a VA appraisal, which adds time but protects the buyer.

Question 6

What is the VA funding fee?

Accepted Answer

It is a one-time fee paid to the VA. The amount varies by down payment and whether it is your first VA loan use.

Conventional vs VA Loans in Monterey, CA