Question 1

Can I use a VA loan to buy in Davis?

Accepted Answer

Yes. Davis properties that meet VA minimum property requirements qualify. Single-family homes are the most common use.

Question 2

Does VA or conventional have a lower rate?

Accepted Answer

VA rates typically run lower. Exact rates depend on your credit, loan size, and market conditions at the time you lock.

Question 3

What is the VA funding fee?

Accepted Answer

It's a one-time fee paid to the VA, not a lender. Most borrowers finance it into the loan rather than paying upfront.

Question 4

Do I need PMI on a VA loan?

Accepted Answer

No. VA loans have no monthly mortgage insurance. That alone can save hundreds per month compared to a low-down conventional loan.

Question 5

What credit score do I need for each loan?

Accepted Answer

Conventional typically requires 620 minimum. VA has no official minimum, but most lenders want at least 580-620.

Question 6

Can a veteran use a conventional loan instead of VA?

Accepted Answer

Yes. Some veterans prefer conventional if they have 20% down and want to avoid the funding fee. Run both scenarios before deciding.

Conventional vs VA Loans in Davis, CA