Loading
in Highland, CA
Highland homebuyers have strong mortgage options to choose from. Conventional loans offer flexibility for those with good credit and down payment funds.
VA loans provide powerful benefits for military families. These government-backed mortgages require no down payment and feature competitive terms for eligible veterans and service members.
Your choice depends on your military status and financial situation. Both loan types can help you purchase a home in San Bernardino County.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers. These loans follow guidelines set by Fannie Mae and Freddie Mac.
You typically need a credit score of at least 620 to qualify. Down payments can range from 3% to 20% depending on your situation and loan type.
Rates vary by borrower profile and market conditions. Conventional loans work well if you have savings and solid credit history.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment. The VA backs these loans to honor military service.
No down payment is required for most purchases. You also avoid monthly mortgage insurance, which saves hundreds per month compared to other low-down-payment options.
Rates vary by borrower profile and market conditions. A one-time funding fee applies, but this can be rolled into your loan amount.
The biggest difference is eligibility. VA loans require military service connection, while conventional loans are available to any qualified borrower in Highland.
Down payment requirements vary significantly between programs. Conventional loans need at least 3% down, while VA loans allow zero down for eligible borrowers.
Mortgage insurance works differently too. Conventional loans require PMI when you put down less than 20%, but VA loans never have monthly mortgage insurance.
Choose a VA loan if you qualify through military service. The zero down payment and no PMI features provide substantial savings and make homeownership more accessible.
Consider conventional financing if you're not eligible for VA benefits. These loans offer great flexibility and work well when you have down payment funds available.
Talk with a mortgage professional about your specific situation. They can help compare costs and benefits based on your Highland home purchase goals.
Yes, VA loans work throughout San Bernardino County including Highland. You must meet military service requirements and the property must meet VA standards.
VA loans often have lower payments due to no down payment requirement and no monthly mortgage insurance. However, individual rates vary by borrower profile and market conditions.
No, conventional loans typically require a 620 credit score minimum. Higher scores get better rates, but you don't need perfect credit to qualify.
Yes, veterans can use any loan type they qualify for. Some choose conventional loans for specific property types or investment properties not eligible for VA financing.
Both loan types have similar closing timelines, typically 30-45 days. Your lender, documentation readiness, and property details affect closing speed more than loan type.