Question 1

Can I use a VA loan for a second home in Pacific Grove?

Accepted Answer

No. VA loans are for primary residences only. If you're buying a vacation or second property, you'll need conventional financing.

Question 2

Does VA have a loan limit in Monterey County?

Accepted Answer

Not if you have full VA entitlement. Borrowers with partial entitlement may face limits based on county conforming loan caps.

Question 3

Do I still pay PMI on a VA loan?

Accepted Answer

Never. VA loans have no PMI. You pay a one-time funding fee instead, which can be rolled into the loan.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most conventional lenders want at least 620. Better rates start at 740 and above, especially in high-cost markets like Pacific Grove.

Question 5

Which loan has lower rates right now?

Accepted Answer

VA rates typically run below conventional. Rates vary by borrower profile and market conditions — call us for a live quote.

Question 6

Can a surviving spouse use a VA loan in Pacific Grove?

Accepted Answer

Yes. Surviving spouses of service members who died in the line of duty may qualify. Eligibility depends on specific VA criteria.

Conventional vs VA Loans in Pacific Grove, CA