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in Lathrop, CA
Lathrop buyers face a clear choice: conventional financing or VA benefits. The right pick depends on your military status and how much cash you want to bring to closing.
Conventional loans require down payments but work for anyone with decent credit. VA loans skip the down payment entirely but only veterans and active-duty service members qualify.
Conventional loans are the default option for most homebuyers. You need a 620 credit score minimum, though 740+ gets you the best rates.
Put down 3% and you'll pay PMI until you hit 20% equity. Put down 20% or more and you skip PMI entirely. Loan limits in San Joaquin County let you borrow up to conforming maximums.
VA loans deliver zero down financing for eligible veterans and active-duty personnel. No PMI ever, regardless of down payment.
You pay a funding fee upfront, but it rolls into your loan amount. Credit standards are flexible—most veterans with 580+ scores get approved. Loan limits don't apply the same way they do with conventional financing.
The down payment gap is the biggest split. Conventional buyers need 3-20% cash. VA buyers need $0 down but pay a funding fee instead.
Monthly costs favor VA loans—no PMI saves $150-300 monthly on typical Lathrop purchases. Conventional loans offer faster closing timelines since VA appraisals add inspection requirements sellers sometimes resist.
If you're VA-eligible, use your VA loan. The zero-down advantage and no PMI make it hard to beat. Save your cash for repairs or reserves.
Go conventional if you're not military-connected or if the Lathrop seller is skittish about VA appraisal requirements. You'll need that down payment saved up, but you gain flexibility in negotiations.
Most single-family homes and condos qualify. The property must meet VA minimum property requirements and pass a VA appraisal.
Typically 0.5-1.5% of the loan amount annually. On a $450k loan with 5% down, expect $200-300 monthly until you hit 20% equity.
Usually 1-2 weeks longer due to VA appraisal requirements. Plan for 35-45 days total versus 30 days for conventional.
Yes if you're a disabled veteran with a VA disability rating. Otherwise, the fee applies but you can roll it into your loan.
Conventional requires 620 minimum, ideally 740+ for best rates. VA loans work with 580+ scores for most veterans.