Question 1

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

Accepted Answer

Yes, eligible borrowers with full VA entitlement can buy with zero down. No loan limit applies when you have full entitlement.

Question 2

Do VA loans require private mortgage insurance?

Accepted Answer

No. VA loans never require PMI. 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 conventional lenders require a 620 minimum. Better rates kick in at 740 and above.

Question 4

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

Accepted Answer

No. VA loans require owner-occupancy. Conventional or DSCR loans are your options for investment properties.

Question 5

Is the VA funding fee waived for disabled veterans?

Accepted Answer

Yes. Veterans with a service-connected disability rating are exempt from the VA funding fee entirely.

Question 6

Which loan has lower rates in Orange County right now?

Accepted Answer

VA rates typically run below conventional rates. Rates vary by borrower profile and market conditions — get quotes for both.

Conventional vs VA Loans in Mission Viejo, CA