Question 1

Can I use a VA loan to buy any home in San Bernardino?

Accepted Answer

VA loans work for most primary residences including single-family homes and approved condos. The property must meet VA standards and appraisal requirements.

Question 2

What credit score do I need for each loan type in San Bernardino?

Accepted Answer

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.

Question 3

Do I pay mortgage insurance with a VA loan?

Accepted Answer

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.

Question 4

Which loan has lower closing costs in San Bernardino?

Accepted Answer

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.

Question 5

Can I refinance from Conventional to VA or vice versa?

Accepted Answer

Yes, refinancing between loan types is possible if you meet eligibility requirements. Many San Bernardino homeowners refinance to access better terms or rates.

Conventional Loans vs VA Loans in San Bernardino: Which Mortgage Is Right for You?