Question 1

Can I use FHA or VA loans on expensive La Cañada Flintridge properties?

Accepted Answer

Both programs cap at $1,149,825 in LA County for 2024. Homes above that price require conventional or jumbo financing.

Question 2

Does VA's zero-down option mean I shouldn't save any money?

Accepted Answer

You still need cash for appraisal, inspection, and prepaid costs—typically $8,000-12,000. Some sellers cover closing costs, but count on bringing something.

Question 3

Why would anyone choose FHA over VA?

Accepted Answer

They wouldn't if eligible for both. FHA exists for non-veterans who need lower down payments and flexible credit requirements.

Question 4

Can I remove FHA mortgage insurance after a few years?

Accepted Answer

Only if you put down 10% or more at purchase. With 3.5% down, insurance stays for the loan's life unless you refinance.

Question 5

Do both programs allow co-borrowers?

Accepted Answer

Yes. FHA accepts any qualified co-borrower. VA requires veteran borrowers but allows non-veteran spouses to co-sign with some restrictions.

FHA vs VA Loans in La Cañada Flintridge: Which Government Loan Fits Your Situation?