Question 1

Can I use VA and FHA loans at the same time?

Accepted Answer

No, you choose one loan type per property. However, you could have a VA loan on one home and an FHA loan on another if you meet occupancy requirements for both.

Question 2

Which loan closes faster in Redondo Beach?

Accepted Answer

Both close in 21-30 days typically. VA appraisals sometimes take longer because they require additional property condition inspections that FHA doesn't mandate.

Question 3

Do Redondo Beach sellers prefer one loan type over the other?

Accepted Answer

Some sellers worry VA appraisals kill deals, but that's outdated thinking. Both loans perform similarly in competitive markets when buyers are well-qualified.

Question 4

What credit score do I actually need for each loan?

Accepted Answer

FHA allows 580 officially, but most lenders want 620 for best pricing. VA lenders typically require 580-620 depending on compensating factors like income and assets.

Question 5

Can I refinance from FHA to VA later?

Accepted Answer

Yes, if you're military-eligible. Many borrowers start with FHA then refinance to VA using an IRRRL to eliminate mortgage insurance once they've built equity.

FHA vs VA Loans in Redondo Beach: Which Government Loan Fits Your Beach City Budget?