Question 1

Can I use a VA loan more than once?

Accepted Answer

Yes, VA loans can be used multiple times if you have remaining entitlement or pay off previous VA loans. Many veterans use the benefit repeatedly throughout their lives.

Question 2

Which loan has lower interest rates in San Dimas?

Accepted Answer

VA loans typically price 0.25% to 0.50% lower than FHA rates. Rates vary by borrower profile and market conditions, but VA consistently offers better pricing.

Question 3

Do both loans work on San Dimas condos?

Accepted Answer

Both require the condo project to be approved by FHA or VA respectively. VA approval is typically more restrictive than FHA for San Dimas developments.

Question 4

Can I get a VA loan with a 580 credit score?

Accepted Answer

Most VA lenders require 620 minimum, though the VA itself has no score requirement. FHA more readily accepts scores in the 580-619 range.

Question 5

Which program closes faster?

Accepted Answer

Both take similar timeframes, typically 30-45 days. VA appraisals can sometimes add a few days due to stricter property requirements in older neighborhoods.

FHA vs VA Loans in San Dimas: Which Government-Backed Loan Works for You?