Question 1

Can I use FHA or VA loans for Long Beach condos?

Accepted Answer

Yes, but the condo complex must be FHA or VA approved. Many Long Beach buildings qualify, but older complexes or those with deferred maintenance often don't make the list.

Question 2

Which loan has lower closing costs in Long Beach?

Accepted Answer

VA funding fees run higher than FHA upfront insurance on zero-down purchases. But sellers can pay all closing costs on VA loans, while FHA caps seller contributions at 6%.

Question 3

Do FHA and VA loans have the same loan limits?

Accepted Answer

VA has no loan limit for full-entitlement borrowers in Long Beach. FHA caps at $644,000 for a single-family home in Los Angeles County in 2024.

Question 4

Can I refinance from FHA to VA or vice versa?

Accepted Answer

Yes. Veterans often refinance FHA loans to VA once they qualify to eliminate mortgage insurance. You can also refinance VA to FHA, though few borrowers benefit from that move.

Question 5

Which loan is easier to qualify for in Long Beach?

Accepted Answer

FHA accepts lower credit scores and higher debt ratios. VA requires stronger credit but rewards military service with superior terms once you clear the threshold.

FHA vs VA Loans in Long Beach: Which Government Loan Fits Your Situation?