Question 1

Can I use a VA loan if I've never served in the military?

Accepted Answer

No. VA loans exclusively serve veterans, active-duty service members, National Guard and Reserve members who meet service requirements, and certain surviving spouses.

Question 2

Is PMI always required on conventional loans with less than 20% down?

Accepted Answer

Yes, lenders require private mortgage insurance when your down payment is below 20%. You can request removal once you reach 20% equity through payments or appreciation.

Question 3

Do VA loans really cost nothing down in San Diego's expensive market?

Accepted Answer

Yes. VA loans allow zero down payment regardless of purchase price. You'll still need funds for closing costs unless negotiated with the seller.

Question 4

Can I switch from conventional to VA financing later?

Accepted Answer

You can refinance from a conventional mortgage to a VA loan if you become eligible or already qualify. This option may reduce your rate or eliminate PMI.

Question 5

Which loan type gets approved faster in San Diego?

Accepted Answer

Timeline depends more on your lender than loan type. Both conventional and VA loans typically close in 30-45 days with experienced local lenders.

Conventional vs VA Loans in San Diego: Which Mortgage Fits Your Service and Savings Goals?