Question 1

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

Accepted Answer

No. VA loans require owner-occupancy. You must live in the home as your primary residence. Conventional loans are your option for rentals.

Question 2

Does the VA set loan limits in Riverside County?

Accepted Answer

Veterans with full entitlement face no VA loan limits. Borrowers with reduced entitlement may have county-level caps apply.

Question 3

Which loan has lower monthly payments?

Accepted Answer

VA often wins. No down payment and no PMI can offset a slightly higher loan balance. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Lenders typically require a 620 minimum. Higher scores get better rates.

Question 5

What is the VA funding fee?

Accepted Answer

It's an upfront fee the VA charges to sustain the program. Disabled veterans are often exempt. You can roll it into the loan balance.

Question 6

Can I have both a VA loan and a conventional loan at the same time?

Accepted Answer

Yes, in many cases. You can hold a conventional loan on one property and use remaining VA entitlement on another primary residence.

Conventional vs VA Loans in Calimesa, CA