Question 1

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

Accepted Answer

No. VA loans require the property to be your primary residence. Conventional loans are the right tool for investment purchases.

Question 2

Do VA loans take longer to close than conventional?

Accepted Answer

Not necessarily. A VA-approved lender with experience closes these quickly. The VA appraisal process is the main variable to manage.

Question 3

What credit score do I need for a VA loan?

Accepted Answer

The VA sets no official minimum. Most lenders require at least 580-620. Stronger scores still get better rates.

Question 4

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

Accepted Answer

Yes, in some cases. Veterans can carry both simultaneously if they have remaining VA entitlement and meet conventional qualifying standards.

Question 5

Is the VA funding fee always required?

Accepted Answer

No. Veterans with a service-connected disability rating are exempt. Ask your lender to verify your status before closing.

Question 6

Which loan has stricter appraisal requirements?

Accepted Answer

VA appraisals are more detailed. The VA requires the home to meet minimum property condition standards before approving the loan.

Conventional vs VA Loans in Redlands, CA