Question 1

Can I use a VA loan in Moraga if I've already used my benefit?

Accepted Answer

Yes, VA benefits are reusable after you sell or pay off previous VA-financed homes. You can also use remaining entitlement for a second property while keeping the first.

Question 2

Does FHA mortgage insurance ever cancel like PMI on conventional loans?

Accepted Answer

Only if you put down 10% or more at purchase. With 3.5% down, MIP stays for the loan's full 30 years unless you refinance to conventional.

Question 3

Which loan type closes faster in competitive Moraga markets?

Accepted Answer

Both take similar timeframes. VA appraisals may add 3-5 days due to stricter property standards requiring repairs before closing.

Question 4

Can I avoid the VA funding fee completely?

Accepted Answer

Veterans with service-connected disabilities rated 10% or higher pay no funding fee. Surviving spouses receiving DIC also qualify for the waiver.

Question 5

Do Moraga sellers prefer one loan type over the other?

Accepted Answer

Most sellers accept both equally. VA's appraisal requirements sometimes concern sellers with older homes, but strong buyers overcome this.

FHA vs VA Loans in Moraga: Which Government Mortgage Fits Your Home Purchase?