Question 1

Can I use a VA loan in Colton?

Accepted Answer

Yes. Colton properties are eligible for VA financing. You need a valid Certificate of Eligibility from the VA.

Question 2

Does VA or conventional have better rates?

Accepted Answer

VA rates typically run lower. Bankrate shows conventional rates at 6.19% this week — VA often comes in below that. Rates vary by borrower profile and market conditions.

Question 3

What credit score does a VA loan require?

Accepted Answer

The VA sets no official minimum. Most lenders we work with want at least a 580-620 score to approve the file.

Question 4

Do I need a down payment for a conventional loan?

Accepted Answer

Not always. Conventional loans allow as little as 3% down. Under 20% means you'll pay PMI until you build equity.

Question 5

What is the VA funding fee?

Accepted Answer

It's a one-time fee paid to the VA at closing. You can roll it into the loan balance so it doesn't come out of pocket.

Question 6

Can I have both a VA and conventional loan?

Accepted Answer

Yes. Some veterans use conventional for investment properties while keeping VA benefits for a primary residence purchase.

Conventional vs VA Loans in Colton, CA