Question 1

Can I use a VA loan to buy a condo in Capitola?

Accepted Answer

Yes, but the condo project must be VA-approved. Not all complexes qualify, so check the VA's approved list before making an offer.

Question 2

Do VA loans take longer to close than conventional?

Accepted Answer

Not significantly. VA loans require a VA appraisal, which adds a step. A well-prepared file closes on a competitive timeline.

Question 3

What credit score do I need for a VA loan?

Accepted Answer

The VA sets no official minimum. Most lenders require at least 580-620. Stronger credit still gets you better rates.

Question 4

Is PMI required on conventional loans under 20% down?

Accepted Answer

Yes. PMI (private mortgage insurance) is required until you reach 20% equity. It adds to your monthly payment.

Question 5

Can I have both a conventional loan and a VA loan at once?

Accepted Answer

In some cases, yes. If you have remaining VA entitlement, you may use it on a second property. Talk to us about your specific situation.

Question 6

Which loan is better for a Capitola beach property?

Accepted Answer

For veterans, VA is hard to beat — zero down preserves cash. For non-veterans with strong credit and a down payment, conventional is the standard path.

Conventional vs VA Loans in Capitola, CA