Question 1

Can I use VA and FHA loans on the same Danville property?

Accepted Answer

No, you pick one loan type per purchase. VA eligibility always beats FHA due to zero down and no mortgage insurance.

Question 2

Does FHA or VA get better interest rates?

Accepted Answer

VA rates typically run 0.25% to 0.5% lower than FHA. Both beat conventional rates for buyers with similar credit profiles.

Question 3

Will Danville sellers accept FHA or VA offers?

Accepted Answer

Most will, though some prefer conventional in competitive situations. VA appraisals scrutinize property condition more than FHA.

Question 4

Can I avoid mortgage insurance with FHA?

Accepted Answer

Only by putting 10% or more down, which drops insurance after 11 years. Below 10% down means insurance for the loan's life.

Question 5

What's the VA funding fee in California?

Accepted Answer

First-time VA users pay 2.15% with zero down. Subsequent uses cost 3.3%. Disabled veterans get the fee waived completely.

FHA vs VA Loans in Danville: Which Government Loan Fits Your Budget?