Question 1

Can I use a VA loan for a condo in Encinitas?

Accepted Answer

Yes, but the condo complex must be VA-approved. Not all developments qualify, so check the VA's approved list first.

Question 2

Does a VA loan have a loan limit in San Diego County?

Accepted Answer

Eligible veterans with full entitlement have no loan limit. Borrowers with reduced entitlement may face county-based limits.

Question 3

Which loan has lower mortgage insurance costs?

Accepted Answer

VA loans have no PMI at all. Conventional loans require PMI if your down payment is below 20%.

Question 4

What credit score do I need for each loan?

Accepted Answer

Conventional lenders typically require 620 or higher. Most VA lenders also look for around 620, though guidelines vary.

Question 5

What is the VA funding fee and can I avoid it?

Accepted Answer

The VA funding fee is a one-time charge rolled into the loan. Veterans with a service-connected disability rating are typically exempt.

Question 6

Can I use a conventional loan if I have VA eligibility?

Accepted Answer

Yes. Some borrowers choose conventional to preserve VA entitlement for a future purchase or to buy a non-owner-occupied property.

Conventional vs VA Loans in Encinitas: Which One Wins for You?