Question 1

Can I use a VA loan multiple times?

Accepted Answer

Yes, your entitlement restores after selling or paying off the previous VA loan. Funding fee increases to 3.3% on subsequent use unless you're exempt.

Question 2

Which loan is cheaper long-term in Santa Clara?

Accepted Answer

VA typically wins due to zero down and no PMI. On a $1M loan, you save roughly $300/month versus conventional with less than 20% down.

Question 3

Do VA loans really take longer to close?

Accepted Answer

They can add 3-5 days for VA appraisal requirements. In competitive markets, some sellers prefer conventional offers for this reason.

Question 4

Can I put money down on a VA loan?

Accepted Answer

Yes, any down payment reduces your loan amount and funding fee. Putting 5%+ down lowers the funding fee from 2.15% to 1.5%.

Question 5

What if the condo isn't VA-approved?

Accepted Answer

You'll need conventional financing. About 30% of Santa Clara condos lack VA approval, especially newer or smaller complexes.

Question 6

Which loan is easier to qualify for?

Accepted Answer

VA allows higher debt ratios and is more flexible with credit issues. Both typically require 620+ credit scores for best terms.

Conventional vs VA Loans in Santa Clara: Which Fits Your Home Purchase?