Question 1

Can I use a VA loan to buy a rental property in Lompoc?

Accepted Answer

No. VA loans require the home to be your primary residence. Use a conventional loan for investment properties.

Question 2

Do VA loans have a loan limit in Santa Barbara County?

Accepted Answer

If you have full VA entitlement, there is no loan limit. Borrowers with reduced entitlement may face county limits.

Question 3

What credit score do I need for each loan?

Accepted Answer

Most lenders want 620 for conventional. VA has no official minimum, but most lenders set a floor around 580-620.

Question 4

Which loan closes faster?

Accepted Answer

Both can close in 30 days with a prepared borrower. VA loans require a VA appraisal, which can add a few days.

Question 5

Can I have both a VA loan and a conventional loan at the same time?

Accepted Answer

Yes. You can hold a conventional loan on one property and a VA loan on another, as long as the VA home is your primary residence.

Question 6

Is the VA funding fee worth it compared to paying PMI?

Accepted Answer

Usually yes. The funding fee is a one-time cost. PMI is a recurring monthly charge that can take years to eliminate.

Conventional vs VA Loans in Lompoc, CA