Question 1

Can I use a VA loan to buy in Fontana?

Accepted Answer

Yes. VA loans work for single-family homes in Fontana. You must have a valid Certificate of Eligibility from the VA.

Question 2

Does VA or conventional have a lower rate?

Accepted Answer

VA rates typically run lower. Rates vary by borrower profile and market conditions, so get quotes for both.

Question 3

What is the VA funding fee?

Accepted Answer

It's a one-time fee paid at closing in place of PMI. The amount depends on your down payment and service history.

Question 4

Can I avoid PMI on a conventional loan?

Accepted Answer

Yes — put 20% down or more. Below that threshold, lenders require private mortgage insurance on conventional loans.

Question 5

What credit score do I need for each loan?

Accepted Answer

Conventional lenders typically require 620 minimum. VA has no official floor, but most lenders want at least 580-620.

Question 6

Which loan closes faster in Fontana?

Accepted Answer

Conventional loans often close slightly faster. VA loans require a VA appraisal, which can add a few days to the timeline.

Conventional vs VA Loans in Fontana, CA