Question 1

Can I use a VA loan to buy a condo in Lawndale?

Accepted Answer

Yes, but the condo complex must be VA-approved. Many Lawndale complexes have this approval, though FHA accepts more buildings than VA does.

Question 2

Does FHA mortgage insurance ever drop off?

Accepted Answer

Only if you put down 10% or more at purchase. Then it drops after 11 years. With 3.5% down, you pay mortgage insurance for the loan's life.

Question 3

Which loan closes faster in Lawndale?

Accepted Answer

FHA typically closes slightly faster. VA requires a specialized appraisal that can add 3-7 days to the timeline in Los Angeles County.

Question 4

Can I avoid the VA funding fee?

Accepted Answer

Yes if you receive VA disability compensation or are a surviving spouse. Otherwise, the funding fee applies but can be rolled into your loan amount.

Question 5

Do Lawndale sellers prefer FHA or VA offers?

Accepted Answer

Most sellers accept both equally. VA appraisals are stricter about property condition, which can concern some sellers of older Lawndale homes.

FHA vs VA Loans in Lawndale: Which Government-Backed Mortgage Fits Your Situation?