Question 1

Can I use VA and FHA loans at the same time?

Accepted Answer

No, each property gets one loan type. If you're eligible for VA benefits, using them saves significantly more than FHA on monthly costs and down payment requirements.

Question 2

Which loan has lower interest rates in Covina?

Accepted Answer

VA loans typically run 0.25% to 0.50% lower than FHA rates. Rates vary by borrower profile and market conditions, but VA consistently beats FHA pricing.

Question 3

Do both loans work on condos in Covina?

Accepted Answer

Yes, but the condo project needs FHA or VA approval respectively. VA has stricter project requirements, so some condos accept FHA but not VA financing.

Question 4

How much is the VA funding fee compared to FHA mortgage insurance?

Accepted Answer

VA charges 2.3% once for zero-down first-time use. FHA charges 1.75% upfront plus 0.55% to 0.85% annually for the loan life on 3.5% down purchases.

Question 5

Can I get a jumbo loan with FHA or VA in Los Angeles County?

Accepted Answer

FHA maxes at $1,149,825 in Los Angeles County for 2024. VA has no set limit but requires full entitlement and lender approval for amounts above conforming limits.

FHA vs VA Loans in Covina: Which Government Loan Wins for You?