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in Manteca, CA
Manteca buyers face a clear choice: conventional financing with its 3-20% down payment or VA loans offering zero down for eligible veterans. Your military status and savings decide which path makes sense.
Both loan types work well in San Joaquin County's diverse housing market. Conventional loans suit buyers with solid credit and down payment funds, while VA loans help veterans stretch buying power without upfront cash.
Conventional loans are standard mortgages not backed by government agencies. You need 620+ credit and stable income to qualify, with down payments starting at 3% for first-time buyers.
Rates vary by borrower profile and market conditions. Put down less than 20% and you'll pay PMI until you hit 20% equity, which adds $50-150 monthly on most Manteca purchases.
VA loans guarantee mortgages for veterans, active-duty military, and qualifying spouses. You need a Certificate of Eligibility from the VA, but there's no minimum credit score requirement from the VA itself.
Zero down payment means you can buy immediately without years of saving. Instead of monthly PMI, you pay a one-time funding fee of 2.3% for first-time use, which rolls into your loan amount.
The down payment gap is massive. Conventional buyers in Manteca need $12,000-$80,000 saved depending on price and loan program, while VA borrowers need essentially zero upfront.
Monthly costs flip the script. Conventional loans charge ongoing PMI below 20% down, while VA loans hit you once with the funding fee then stay lower monthly. Credit standards differ too—conventional lenders enforce strict minimums while VA lenders have more flexibility on scores.
Choose VA if you qualify—it's almost always the better deal for eligible veterans. Zero down and no monthly PMI outweigh the funding fee on properties you'll own 5+ years.
Conventional makes sense if you're not military-eligible or need a jumbo loan above VA limits. It's also better for investment properties since VA loans require owner occupancy in Manteca for at least one year.
Yes, as long as it's your primary residence and meets VA property standards. You must live there at least one year after purchase.
VA loans typically offer rates 0.25-0.50% lower than conventional. Rates vary by borrower profile and market conditions for both loan types.
No, 620 credit qualifies you for most conventional programs. Higher scores above 740 unlock the best rates and terms.
Yes, if you're receiving VA disability compensation or you're a surviving spouse. Everyone else pays the 2.3% fee on first use.
Both close in 30-45 days typically. VA loans need the Certificate of Eligibility first, which adds 2-7 days if you don't have it ready.