Question 1

Can I get a VA loan if I'm no longer on active duty?

Accepted Answer

Yes. Veterans, National Guard members, and reservists with honorable discharge qualify. You'll need a Certificate of Eligibility from the VA. Active-duty service members also qualify. Check your discharge papers or apply online through VA.gov.

Question 2

Do I have to pay mortgage insurance on an FHA loan forever?

Accepted Answer

No — FHA mortgage insurance cancels once you reach 80% loan-to-value. That happens through a mix of principal paydown and home appreciation. In Piedmont's appreciating market, you may hit 80% LTV in 5–7 years. After that, no more insurance payments.

Question 3

Which loan costs less overall, FHA or VA?

Accepted Answer

VA typically costs less because there's no annual insurance premium. FHA's mortgage insurance runs until 80% LTV. VA's funding fee is one-time. If you're eligible for VA, it usually wins on total cost over 10+ years.

Question 4

Can I use a gift for my down payment on either loan?

Accepted Answer

Yes on both. FHA allows gift funds with a signed gift letter. VA also accepts gifts. Neither program requires the down payment to come from your own savings. Piedmont lenders are familiar with both programs' gift rules.

Question 5

What credit score do I need for FHA vs VA?

Accepted Answer

FHA: 580 minimum, though 620 is more common. VA: no official minimum, but most lenders require 620. Both programs are flexible compared to conventional loans. Piedmont lenders work with borrowers in the 600–640 range regularly.

FHA vs VA Loans in Piedmont: Which Fits Your Situation?