Question 1

Can I use FHA if I'm a veteran?

Accepted Answer

Yes, veterans can choose FHA loans. But VA loans almost always cost less due to no mortgage insurance and zero down payment requirements.

Question 2

Which loan has stricter property requirements?

Accepted Answer

VA appraisers enforce stricter safety standards than FHA. Peeling paint, roof issues, or faulty systems can delay VA closings more often.

Question 3

Do FHA and VA have the same loan limits in Oakley?

Accepted Answer

FHA has a county loan limit of $644,000 in Contra Costa County. VA has no set limit but charges funding fees on amounts above $647,200.

Question 4

Can I avoid mortgage insurance on FHA loans?

Accepted Answer

No. FHA requires mortgage insurance for the loan's entire life unless you refinance to conventional later. VA has no mortgage insurance at all.

Question 5

Which loan closes faster in Oakley?

Accepted Answer

FHA typically closes faster because VA appraisals take longer and require more property repairs. Expect 30-45 days for either in normal conditions.

FHA vs VA Loans in Oakley: Which Government-Backed Mortgage Fits Your Profile?