Question 1

Can I use a VA loan if I'm retired from the military?

Accepted Answer

Yes. Your benefit follows you after service ends. You just need a Certificate of Eligibility showing you met minimum service requirements.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

No, not on loans with less than 10% down. You'll pay it for the full 30 years unless you refinance to conventional later.

Question 3

Which loan type closes faster in Reedley?

Accepted Answer

Both take 30 to 40 days typically. VA appraisals can add a few days because inspectors check more safety items than FHA does.

Question 4

Can I buy a fixer-upper with these loans?

Accepted Answer

Both allow rehab purchases through 203(k) and VA renovation programs. The property must meet minimum safety standards at closing though.

Question 5

What credit score do I need for VA versus FHA?

Accepted Answer

FHA requires 580 minimum. VA has no official floor, but most lenders want 620 to approve the file.

FHA vs VA Loans in Reedley: Which Government-Backed Option Fits Your Budget?