Question 1

Can I use a VA loan for any home in Atherton?

Accepted Answer

Yes, if you meet VA eligibility requirements and the property passes VA appraisal standards. The home must serve as your primary residence and meet safety and livability guidelines set by the VA.

Question 2

Does a conventional loan ever beat a VA loan for veterans?

Accepted Answer

Sometimes yes, particularly with large down payments or investment properties. If you can put 20% down, a conventional loan avoids both PMI and the VA funding fee, potentially costing less overall.

Question 3

What credit score do I need for each loan type in Atherton?

Accepted Answer

VA loans typically accept scores at 580 or above, though lenders may require higher. Conventional loans generally need 620 minimum, with better rates starting around 680 and optimal pricing at 740 plus.

Question 4

Can I avoid the VA funding fee completely?

Accepted Answer

Veterans with service-connected disabilities rated at 10% or higher receive a funding fee exemption. Surviving spouses receiving DIC benefits also qualify for the waiver, eliminating this cost entirely.

Question 5

Which loan closes faster in San Mateo County?

Accepted Answer

Conventional loans often close slightly faster, typically within 30 days. VA loans may take 35-45 days due to additional VA appraisal requirements, though experienced lenders minimize delays.

Conventional vs VA Loans in Atherton: Which Mortgage Fits Your Military Service Status?