Question 1

Can I use FHA or VA loans on Orinda condos?

Accepted Answer

Yes, but the condo complex must be FHA or VA approved. Many Orinda developments aren't on approved lists, which limits inventory for both loan types.

Question 2

Which loan has lower interest rates?

Accepted Answer

VA loans typically price 0.25-0.50% lower than FHA because there's no mortgage insurance risk. Your credit score and lender pricing still drive the final rate.

Question 3

Do both loans require appraisals?

Accepted Answer

Yes. VA appraisals include stricter property condition standards than FHA, which can complicate deals on older Orinda homes needing repairs.

Question 4

Can I refinance from FHA to VA later?

Accepted Answer

Absolutely. Many buyers start with FHA then refinance to VA once they discover eligibility or complete military service to eliminate mortgage insurance.

Question 5

What credit score do I really need for each?

Accepted Answer

FHA officially accepts 580, but most lenders want 620+. VA lenders typically set 620 minimums even though the VA doesn't require a specific score.

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