Question 1

Can I use VA benefits if I already bought with FHA?

Accepted Answer

Yes, VA eligibility doesn't disappear after using FHA. You can refinance your FHA loan to VA or use VA benefits on a different property if you still have entitlement.

Question 2

Does FHA mortgage insurance ever cancel?

Accepted Answer

Only if you put 10% or more down, and even then you pay it for 11 years. Most Lomita FHA borrowers with 3.5% down pay insurance for the entire loan term.

Question 3

Which loan closes faster in Lomita?

Accepted Answer

FHA typically closes 2-3 days faster because VA appraisals require additional property inspections. Budget 30-35 days for VA versus 25-30 for FHA.

Question 4

Can I buy a condo with either loan in Lomita?

Accepted Answer

Both require the condo complex to be approved by FHA or VA. Many Lomita complexes have FHA approval but not VA, limiting your options with a VA loan.

Question 5

What if I'm a veteran with 580 credit?

Accepted Answer

You can likely qualify for VA despite the score. Most VA lenders I work with approve 580+ credit with compensating factors like steady income or cash reserves.

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