Loading
in Exeter, CA
Exeter's ag-focused economy and affordable housing make it popular with both civilian buyers and military families near Lemoore Naval Air Station. VA loans and conventional financing work completely differently here.
The right loan depends on your service history and down payment capacity. Both programs approve regularly in Exeter, but eligibility and costs vary dramatically between them.
Conventional loans require 3-20% down and credit scores typically above 620. You pay private mortgage insurance if you put down less than 20%, which adds $50-200 monthly on typical Exeter homes.
These loans work for any qualified borrower regardless of military status. Rates vary by borrower profile and market conditions, but strong credit and larger down payments unlock better pricing.
Conventional financing closes faster than government loans since there's no VA appraisal process. Lenders see these as lower-risk transactions when you bring substantial equity to the table.
VA loans require zero down payment for eligible veterans and active-duty service members. You pay a funding fee (1.4-3.6% of loan amount) unless you have a service-connected disability, which waives it entirely.
No monthly mortgage insurance exists on VA loans regardless of down payment. This saves $100-200 monthly compared to conventional financing with minimal down, a huge advantage over 30 years.
VA appraisals protect you but can delay closing 1-2 weeks. The appraiser checks safety items like peeling paint and wood-destroying insects that conventional appraisers skip.
Eligibility separates these programs immediately. VA loans demand military service documentation while conventional loans only care about credit, income, and assets. If you qualify for VA benefits, you automatically access zero-down financing.
Monthly costs favor VA loans substantially at low down payments. A $350,000 Exeter home with 5% down costs roughly $150 less monthly with VA versus conventional once you factor out PMI.
Property standards differ significantly. VA won't approve homes with certain condition issues conventional lenders accept. This matters in Exeter's older housing stock where deferred maintenance is common.
Choose VA financing if you're eligible, period. The zero-down benefit and no PMI outweigh conventional loans unless you're putting down 20%+ anyway or buying a property that won't pass VA standards.
Conventional makes sense for non-veterans, buyers with 20% down who want to skip funding fees, or anyone buying a fixer that needs work before move-in. You'll also close faster without VA appraisal delays.
Military families near Lemoore should default to VA unless specific property conditions force conventional. The lifetime savings from eliminating PMI exceed any short-term convenience conventional offers.
VA appraisers flag safety issues that must be repaired before closing. Cosmetic fixes are fine, but foundation problems or pest damage will stop the loan.
Yes, typically 1-2 weeks faster since conventional appraisals don't include condition inspections. This matters in competitive situations with backup offers.
Rates vary by borrower profile and market conditions. VA rates often price slightly better due to government backing, but strong conventional credit can match them.
Yes, if you have a service-connected disability rating. This waives the 1.4-3.6% fee entirely and makes VA financing even more advantageous.
Some do due to faster closing and fewer inspection items. Counter this by offering quick closings and proof of VA pre-approval from an experienced lender.