Question 1

Can I use a VA loan if I already own a home?

Accepted Answer

Yes, if you have remaining entitlement or pay off your existing VA loan. Many veterans have enough entitlement for multiple properties simultaneously.

Question 2

Does FHA require mortgage insurance forever?

Accepted Answer

Yes on most loans with less than 10% down. You'd need to refinance to conventional to remove it once you reach 20% equity.

Question 3

Which loan has lower interest rates in Pico Rivera?

Accepted Answer

VA loans typically price 0.25% to 0.5% lower than FHA. Rates vary by borrower profile and market conditions.

Question 4

Can sellers refuse VA or FHA offers?

Accepted Answer

Sellers can refuse any offer, but both loan types close reliably. VA appraisals require specific repairs that sometimes concern sellers.

Question 5

What credit score do I need for each program?

Accepted Answer

FHA requires 580 for minimum down, 500 with larger down. VA typically needs 620, though some lenders go lower with strong profiles.

Question 6

How much are closing costs on each loan type?

Accepted Answer

Both run 2-5% of loan amount. VA allows sellers to pay all costs, FHA caps seller credits at 6% of price.

FHA vs VA Loans in Pico Rivera: Which Government Loan Fits Your Situation?