Question 1

Can I use a VA loan for a second home near Shasta Lake?

Accepted Answer

No, VA loans only cover primary residences. You need a conventional loan for vacation homes or investment properties in Shasta Lake.

Question 2

How much does VA funding fee cost on a $300k home?

Accepted Answer

First-time use costs $6,900 (2.3%), repeat use $10,800 (3.6%). Disability-rated veterans pay zero funding fee regardless of use.

Question 3

Does conventional ever beat VA for primary homes?

Accepted Answer

Yes, if you have 20%+ down and 760+ credit. You skip PMI entirely and often get slightly better rates than VA.

Question 4

Can I get approved with 600 credit on either loan?

Accepted Answer

VA approves at 580-600 with solid income. Conventional requires 620 minimum, and rates improve significantly above 740.

Question 5

Which loan closes faster in Shasta Lake?

Accepted Answer

Conventional typically closes 2-3 days faster. VA appraisals require additional property inspections that add time to the process.

Conventional vs VA Loans in Shasta Lake: Which Mortgage Fits Your Budget?