Question 1

Can I use VA or FHA loans on Rancho Palos Verdes condos?

Accepted Answer

Yes, but the condo complex must be FHA or VA approved. Many coastal complexes qualify, but check approval status before making offers.

Question 2

Which loan has lower closing costs in Rancho Palos Verdes?

Accepted Answer

VA typically costs less because sellers can pay more of your fees. FHA limits seller concessions to 6% of purchase price.

Question 3

Do VA loans take longer to close than FHA?

Accepted Answer

Not anymore. Both close in 25-35 days with organized buyers. VA appraisals sometimes require repairs FHA skips, which can add time.

Question 4

Can I use these loans for investment properties here?

Accepted Answer

No. Both FHA and VA require you to occupy the property as your primary residence within 60 days of closing.

Question 5

What if my VA entitlement is already used?

Accepted Answer

You can restore entitlement by selling and paying off your VA loan. You can also use remaining entitlement for a second VA purchase.

FHA vs VA Loans in Rancho Palos Verdes: Which Government-Backed Option Wins?