Question 1

Can I use a VA loan if I've used one before?

Accepted Answer

Yes, VA loans are reusable once you sell the previous home or pay off that loan. Your entitlement restores and you can buy again with zero down.

Question 2

Does FHA require mortgage insurance forever?

Accepted Answer

Yes, if you put down less than 10%. With 10% or more down, FHA removes insurance after 11 years but most borrowers refinance out sooner.

Question 3

Which loan has lower interest rates in La Verne?

Accepted Answer

VA loans typically price 0.25% to 0.5% lower than FHA because they carry less risk for lenders. Rates vary by borrower profile and market conditions.

Question 4

Can I use FHA or VA for a condo in La Verne?

Accepted Answer

Both work for condos but the complex must be approved by FHA or VA. Many older La Verne condo developments haven't gone through approval yet.

Question 5

What credit score do I really need for each loan?

Accepted Answer

FHA requires 580 minimum officially. Most VA lenders want 620 or higher despite no official floor, though we see approvals at 580 with strong income.

FHA vs VA Loans in La Verne: Which Government-Backed Loan Fits Your Situation?