Question 1

Can I use both FHA and VA loans?

Accepted Answer

Not on the same property. You pick one per purchase. VA is almost always the better deal if you're eligible.

Question 2

Does VA have a loan limit in Alameda County?

Accepted Answer

No loan limit if you have full VA entitlement. FHA limits in Alameda County do cap the purchase price you can finance.

Question 3

Which loan is easier to get approved for?

Accepted Answer

Both have flexible credit standards. VA typically requires a 620 score from most lenders; FHA goes down to 580 with 3.5% down.

Question 4

Do VA loans take longer to close than FHA?

Accepted Answer

Not in our experience. VA and FHA closings run on similar timelines when documentation is ready upfront.

Question 5

What is the VA funding fee?

Accepted Answer

It's a one-time fee rolled into the loan. The amount depends on your down payment and whether you've used VA before.

Question 6

Is FHA mortgage insurance permanent?

Accepted Answer

On most FHA loans with less than 10% down, yes — it stays for the life of the loan. Refinancing into a conventional loan removes it.

FHA vs VA Loans in Oakland: Which One Wins for You?