Question 1

Can I use a VA loan to buy any property in Mountain View?

Accepted Answer

VA loans work for primary residences including single-family homes and approved condos. Investment properties and some condo complexes don't qualify under VA guidelines.

Question 2

How much is the VA funding fee compared to conventional PMI?

Accepted Answer

The VA funding fee is typically 2.3% for first-time users with zero down, paid once at closing. Conventional PMI costs 0.5-1% annually until you reach 20% equity.

Question 3

Do conventional loans have advantages over VA loans for veterans?

Accepted Answer

Conventional loans may offer benefits if you're buying a property VA doesn't approve or if you want to preserve your VA eligibility for a future purchase.

Question 4

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

Accepted Answer

Conventional loans typically require 620+ credit scores. VA loans often accept scores as low as 580-600, though individual lenders set their own minimums.

Question 5

Can I switch from conventional to VA financing if I'm eligible?

Accepted Answer

Yes, you can refinance a conventional mortgage into a VA loan through an IRRRL or cash-out refinance. This often reduces your monthly payment by eliminating mortgage insurance.

Conventional vs VA Loans in Mountain View: Which Mortgage Fits Your Service & Financial Profile?