Question 1

Can I use a VA loan if I'm retired from military service?

Accepted Answer

Yes, veterans with honorable discharge maintain VA loan eligibility for life. You'll need to obtain your Certificate of Eligibility through the VA.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

Only if you put down 10% or more, then it drops after 11 years. With less than 10% down, it stays for the loan's life.

Question 3

Which loan has lower interest rates in Sierra Madre?

Accepted Answer

VA loans typically price 0.25% to 0.50% lower than FHA. Rates vary by borrower profile and market conditions.

Question 4

Can I buy a fixer-upper with either loan?

Accepted Answer

Both require properties to meet safety and livability standards. Major repairs must be completed before closing or through renovation loan programs.

Question 5

What credit score do I need for each program?

Accepted Answer

FHA requires 580 minimum for 3.5% down. VA has no official minimum, but most lenders want 620 or higher.

FHA vs VA Loans in Sierra Madre: Which Government-Backed Loan Fits Your Situation?