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in Santee, CA
Santee buyers often choose between conventional financing and VA loans if they qualify. The right choice depends entirely on your military service history and how much cash you have for a down payment.
VA loans dominate here when buyers qualify — zero down beats 3-5% conventional every time for eligible veterans. But conventional loans give non-military buyers access to the same neighborhoods without service requirements.
Conventional loans require at least 3% down and credit scores above 620 for most programs. You'll pay private mortgage insurance until you hit 20% equity, which adds $150-300 monthly on typical Santee purchases.
These loans work for anyone with stable income and decent credit. No service requirements mean broader eligibility, but you need cash reserves and a down payment to compete in this market.
VA loans let eligible veterans and active-duty service members buy with zero down payment. No monthly mortgage insurance keeps payments lower than conventional, even when comparing identical loan amounts.
You pay a one-time funding fee of 2.15-3.3% unless you're disabled, which can roll into the loan. Sellers often cover some closing costs through concessions, reducing your cash needed at closing.
The down payment gap is massive. Conventional needs $15,000-$25,000 down on typical Santee homes while VA requires nothing upfront if you qualify.
Monthly costs favor VA by $100-200 because you skip mortgage insurance entirely. Conventional loans give you more property type options — condos without VA approval and investment properties both require conventional financing.
If you served and have your Certificate of Eligibility, VA wins for primary residences. The zero down and no PMI combination saves thousands annually compared to conventional with minimum down.
Choose conventional when you don't qualify for VA, want an investment property, or you're buying a condo that hasn't passed VA approval. First-time buyers without military service typically need conventional with 3-5% down for Santee purchases.
VA works for most single-family homes and VA-approved condos as primary residences. Investment properties and some condos require conventional financing instead.
Expect $150-300 monthly with minimum down payment. PMI drops off automatically when you reach 20% equity through payments or appreciation.
Not anymore. Most VA loans close in 25-35 days, matching conventional timelines when you get your eligibility verified early.
Conventional typically requires 620 minimum. VA lenders often approve 580+ scores but expect rate adjustments below 620.
Sellers can refuse any offer. VA's appraisal requirements sometimes concern sellers, but zero down makes offers competitive despite inspection standards.