Question 1

Can I use VA benefits if I've already bought a home?

Accepted Answer

Yes, your VA entitlement restores after you sell and pay off the loan. You can reuse benefits multiple times throughout your life.

Question 2

Does FHA mortgage insurance ever drop off?

Accepted Answer

Only if you put down 10% or more at purchase. Then it cancels after 11 years. Otherwise it stays for the loan's full term.

Question 3

Which loan has tougher property requirements?

Accepted Answer

VA appraisals check more boxes for safety and habitability. FHA also has standards but VA inspectors flag more items in older El Monte homes.

Question 4

Can I combine a VA loan with down payment assistance?

Accepted Answer

Most programs don't stack with VA since you're already at zero down. FHA pairs better with local assistance programs requiring borrower contribution.

Question 5

Do both loans allow seller credits for closing costs?

Accepted Answer

Yes. FHA caps seller concessions at 6% of purchase price. VA allows up to 4% in concessions from the seller.

FHA vs VA Loans in El Monte: Which Government-Backed Option Wins?