Question 1

Can I use VA or FHA for a Palos Verdes Estates condo?

Accepted Answer

Yes, but the complex must be approved by VA or FHA. Many Peninsula buildings aren't on the approved lists, which kills the deal before you start.

Question 2

Which loan has lower rates in Palos Verdes Estates?

Accepted Answer

VA rates typically run 0.25-0.50% lower than FHA. Rates vary by borrower profile and market conditions, but VA's government guarantee reduces lender risk.

Question 3

Do both loans have purchase price limits?

Accepted Answer

FHA caps loans at $1,149,825 in Los Angeles County. VA has no price limit, but lenders may restrict based on your entitlement and income.

Question 4

Can I remove mortgage insurance from either loan?

Accepted Answer

VA has none to remove. FHA requires refinancing to conventional to drop MI if you put less than 10% down originally.

Question 5

Which loan closes faster in Palos Verdes Estates?

Accepted Answer

Both take 30-45 days typically. VA appraisals sometimes add a week due to specific property requirements that Peninsula homes may not meet.

FHA vs VA Loans in Palos Verdes Estates: Which Government-Backed Loan Fits Your Peninsula Purchase?