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in Dunsmuir, CA
Dunsmuir's affordable housing market makes both conventional and VA loans viable options. The choice between them depends entirely on your military service status and how much cash you want to put down.
VA loans dominate when eligible borrowers want zero down payment. Conventional loans work better for buyers who don't qualify for VA benefits or need financing on investment properties.
Conventional loans come from private lenders with flexible terms. You need 620+ credit for most programs, though some accept 580 with larger down payments.
Put down 3% as a first-time buyer or 5% as a repeat purchaser. Anything under 20% triggers PMI, which adds $50-200 monthly depending on loan size and credit score.
These loans work for primary homes, second homes, and investment properties. You can finance up to $806,500 in Dunsmuir without hitting jumbo territory.
VA loans guarantee 100% financing for eligible service members and veterans. No down payment, no PMI, and lower credit standards than conventional loans.
You pay a one-time funding fee of 2.15-3.3% depending on service type and down payment. Most borrowers roll it into the loan rather than paying upfront.
Primary residences only—no second homes or rentals. You must obtain a Certificate of Eligibility proving your military service qualifies you for benefits.
Down payment separates these loans most dramatically. VA requires nothing upfront while conventional demands 3-20% cash.
Monthly costs favor VA loans since you avoid PMI entirely. A $400,000 loan saves you $150-250 monthly compared to conventional financing with 5% down.
Credit flexibility tilts toward VA as well. Lenders approve VA loans at 580 credit while conventional loans get dicey below 620.
Property use restricts VA to owner-occupied homes. Conventional loans finance anything from primary residences to vacation cabins to rental properties around Dunsmuir.
Use VA benefits if you qualify—the zero down payment and no PMI advantages rarely make sense to skip. The funding fee costs less over time than years of PMI payments.
Choose conventional when VA doesn't apply: buying investment property, purchasing a second home, or if you're not military-connected. Also consider conventional if you have 20% down and want to avoid the VA funding fee entirely.
Some Dunsmuir buyers use both strategically. VA loan for your primary home, conventional for a rental property you buy later.
Yes, but you must intend to occupy the home as your primary residence. You can't use VA loans for vacation properties or rentals.
Expect $75-200 monthly on typical Dunsmuir home prices. Your exact rate depends on credit score and down payment size.
Not anymore. Most VA loans close in 30-40 days, matching conventional timelines when you have your COE ready upfront.
Yes, once you reach 20% equity through payments or appreciation. Request removal after getting a new appraisal showing sufficient value.
No. Veterans with service-connected disabilities receive a funding fee waiver, making VA loans even more advantageous.