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in Lincoln, CA
Lincoln's mix of new construction and established neighborhoods attracts both veteran families and traditional buyers. The loan you choose determines how much you put down and what you pay monthly.
Conventional loans offer flexibility for any qualified buyer. VA loans give eligible service members unbeatable terms—but only if you've earned the benefit through military service.
Conventional loans are the standard mortgage product most buyers use. You need 620+ credit and steady income, with down payments starting at 3% for first-time buyers.
Put down less than 20% and you'll pay PMI until you hit 20% equity. Rates vary by borrower profile and market conditions, but strong credit gets you the best pricing.
VA loans let eligible veterans and active military buy with zero down payment. You pay a one-time funding fee instead of monthly PMI, and credit requirements are more forgiving than conventional.
These loans work well in Lincoln's price range since there's no loan limit for qualified buyers. Sellers pay most closing costs, and you can finance the funding fee into the loan amount.
The biggest split is down payment. VA loans need nothing down while conventional requires 3-20%. That's $30,000-$120,000 cash saved on a $600,000 Lincoln home.
Monthly costs differ too. Conventional buyers pay PMI until they hit 20% equity. VA buyers pay no monthly insurance but fund a 2.15-3.3% upfront fee that gets rolled into the loan.
If you're an eligible veteran or service member, VA wins almost every time. Zero down and no PMI beat conventional economics for most Lincoln buyers, especially on newer construction.
Choose conventional if you're not military-eligible or if you're buying a multi-unit investment property beyond VA's owner-occupancy rules. Also consider it if you have 20%+ down and want to avoid the VA funding fee entirely.
No. VA loans require you to live in the home as your primary residence. Investment properties need conventional or other financing.
Conventional loans typically require 620 minimum. VA loans are more flexible, with many lenders approving scores as low as 580-600.
Usually not. The 2.15% fee on a $600,000 loan is $12,900 once. PMI costs $200-300 monthly until you hit 20% equity—often $10,000+ total.
Yes. Both loan types work for new builds. VA loans are especially popular in Lincoln's newer developments since zero down matters more at higher price points.
Both close in 21-30 days typically. VA loans sometimes add a few days for VA appraisal requirements, but experienced brokers keep timelines tight.