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in Roseville, CA
Roseville buyers face a clear choice between conventional financing and VA benefits. Both get deals closed in Placer County, but they work differently.
Conventional loans demand down payments and mortgage insurance below 20% equity. VA loans waive both for eligible veterans and active-duty service members.
Conventional loans follow Fannie Mae and Freddie Mac guidelines. You need 620+ credit for most programs, though some lenders go to 580.
Down payments start at 3% for first-time buyers, 5% for repeat buyers. Put down less than 20% and you pay PMI until you hit that equity threshold.
These loans cap at $806,500 in Placer County for single-family homes. You can buy investment properties, second homes, or primary residences.
VA loans let eligible veterans and service members buy with zero down. You pay a funding fee instead of PMI, and that fee can roll into the loan amount.
Credit requirements flex lower than conventional, often accepting 580-600 scores. No maximum debt-to-income ratio exists in VA guidelines, though lenders set their own overlays.
Sellers can pay up to 4% toward your closing costs. The VA appraisal includes stricter property condition standards than conventional loans require.
The down payment gap matters most in expensive Roseville neighborhoods. Conventional demands $24,000+ down on a $600,000 home at 5% minimum versus $0 with VA eligibility.
VA funding fees range from 1.4% to 3.6% of the loan amount based on down payment and first-time use. Conventional PMI costs 0.3% to 1.5% annually until you reach 20% equity.
Property type separates them sharply. VA only covers primary residences, while conventional finances rentals and vacation homes without restriction.
Use VA benefits if you qualify. Zero down and no PMI beat conventional financing on almost every Roseville deal under $806,500.
Choose conventional when buying investment property, you lack VA eligibility, or the home fails VA property requirements. Repeat buyers with 20% down often get better conventional rates.
VA works best for first-time buyers and repeat buyers with limited cash. Conventional fits experienced buyers with equity from a previous sale.
Yes, active-duty service members qualify after 90 consecutive days of service. You get the same zero-down benefits as veterans.
Not typically. Both take 30-45 days. VA appraisals add 3-5 days versus conventional, but that rarely delays closing.
Only with lender-paid mortgage insurance, which raises your rate. You pay either way until you reach 20% equity.
First-time use costs 2.3% of the loan amount. Subsequent use jumps to 3.6% without a down payment.
Some do in competitive markets. VA appraisals flag peeling paint and safety issues conventional appraisals ignore.
Yes, if you're eligible. Many veterans start conventional then refi to VA to drop PMI and lower their rate.