Question 1

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

Accepted Answer

No, you pick one per property. If you're eligible for VA, that's almost always the better financial choice for a primary residence.

Question 2

Which loan closes faster in San Fernando?

Accepted Answer

Both take 30-45 days typically. VA appraisals can add a few days, but timeline differences are minor with experienced lenders.

Question 3

Do San Fernando sellers prefer FHA or VA offers?

Accepted Answer

Many prefer conventional, but between these two, perception matters more than reality. Strong offers with either loan compete well.

Question 4

Can I remove FHA mortgage insurance eventually?

Accepted Answer

Only by refinancing to conventional once you hit 20% equity. Loans after 2013 carry insurance for the full term otherwise.

Question 5

Does VA funding fee cost more than FHA insurance?

Accepted Answer

No. VA's one-time 2.3% beats FHA's 1.75% upfront plus 0.55-0.85% annually. VA saves money within 2-3 years.

Question 6

Which program has stricter property requirements?

Accepted Answer

VA appraisals check more items, but both require the home to be safe and habitable. Major issues block either loan type.

FHA vs VA Loans in San Fernando: Which Government Loan Wins for You?