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in San Bernardino, CA
Choosing between Conventional and VA loans in San Bernardino depends on your military service and financial profile. Both options offer strong benefits for homebuyers in San Bernardino County.
VA loans provide zero down payment for eligible veterans and service members. Conventional loans offer flexibility for all qualified borrowers. Understanding each option helps you make the best choice.
Conventional loans are traditional mortgages not backed by government agencies. They offer flexible terms and competitive rates for qualified borrowers in San Bernardino.
These loans typically require a down payment, though it can be as low as 3% for some buyers. Credit score and debt-to-income ratios play key roles in approval. Rates vary by borrower profile and market conditions.
VA loans are government-guaranteed mortgages designed for veterans, active-duty service members, and surviving spouses. The biggest advantage is zero down payment for eligible borrowers.
These loans don't require private mortgage insurance, saving money monthly. VA loans often feature competitive interest rates and flexible credit requirements. Rates vary by borrower profile and market conditions.
The main difference is eligibility: VA loans require military service while Conventional loans are open to everyone. Down payment requirements also differ significantly between the two options.
VA loans eliminate mortgage insurance entirely, while Conventional loans require PMI with less than 20% down. Conventional loans may have stricter credit requirements. VA loans include a funding fee but allow seller contributions to cover closing costs.
If you're a veteran or active-duty service member in San Bernardino, VA loans likely offer the best value. Zero down payment and no mortgage insurance create significant savings over time.
Conventional loans work well if you're not military-eligible or want more property type flexibility. They're ideal for buyers with strong credit and some down payment savings. Both loan types serve San Bernardino homebuyers effectively when matched to the right situation.
VA loans work for most primary residences including single-family homes and approved condos. The property must meet VA standards and appraisal requirements.
Conventional loans typically require 620 or higher. VA loans are more flexible, sometimes accepting scores as low as 580. Individual lenders set their own minimums.
No, VA loans don't require monthly mortgage insurance. You'll pay a one-time VA funding fee instead, which can be rolled into the loan amount.
VA loans often have lower closing costs because sellers can pay more costs. VA also limits certain fees. Total costs depend on your specific situation.
Yes, refinancing between loan types is possible if you meet eligibility requirements. Many San Bernardino homeowners refinance to access better terms or rates.