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in Chino, CA
Chino has a strong veteran population. If you've served, a VA loan is worth a serious look before defaulting to conventional.
These two loan types serve different borrowers. Knowing which fits your situation saves money and avoids surprises at closing.
Conventional loans aren't backed by the government. Lenders set their own standards, but most require at least 620 credit.
Put down 20% and you skip private mortgage insurance entirely. Less than that, and PMI gets added to your monthly payment.
VA loans are guaranteed by the Department of Veterans Affairs. Eligible borrowers can buy with zero down and no PMI.
There's a funding fee — usually 2.15% for first-time use — but it can be rolled into the loan. Disabled vets are often exempt.
HousingWire flagged the 30-year fixed hitting 6.57% recently. VA rates typically run lower than conventional — that gap matters on a Chino purchase.
VA loans have no loan limit if you have full entitlement. Conventional loans cap at $832,750 in San Bernardino County for conforming programs.
Conventional loans are open to any qualified buyer. VA loans require a Certificate of Eligibility — veterans, active-duty, and eligible surviving spouses only.
If you're eligible for VA, use it. Zero down plus no PMI beats any conventional option for most buyers.
Conventional makes sense if you have 20% saved and strong credit. It also works when buying investment property — VA requires owner occupancy.
Some borrowers use conventional to avoid the VA funding fee on higher-priced homes. Run the numbers with SRK CAPITAL before deciding.
Yes. VA loans are available statewide. You'll need a Certificate of Eligibility confirming your service history.
No — VA rates typically run lower. Rates vary by borrower profile and market conditions.
Most conventional lenders require 620. VA has no official minimum, but most lenders want at least 580-620.
Yes, if you receive VA disability compensation. Surviving spouses of veterans may also qualify for an exemption.
Both close in similar timeframes. VA loans require a VA appraisal, which can add a few days in busy markets.
Yes, in some cases. VA allows remaining entitlement to be used on a second property under specific conditions.