Question 1

Can I use FHA or VA for a West Hollywood condo?

Accepted Answer

Yes, if the building is on the FHA or VA approved list. Most established condo complexes in West Hollywood qualify, but always verify before making an offer.

Question 2

Which loan has lower monthly payments?

Accepted Answer

VA loans have lower payments because there's no monthly mortgage insurance. FHA's insurance adds roughly $200-400 per month on a $750,000 loan.

Question 3

Do VA loans take longer to close than FHA?

Accepted Answer

Not anymore. Both close in 30-40 days typically. VA appraisals used to slow things down, but processing times evened out in recent years.

Question 4

Can I buy above the loan limit with either program?

Accepted Answer

VA yes, FHA no. VA lets you make a partial down payment and still use the program. FHA requires you to switch to conventional or jumbo financing.

Question 5

What's the funding fee on a VA loan?

Accepted Answer

2.15% for first-time VA buyers with zero down. It drops to 1.25% if you put down 5% or more, and goes lower for subsequent VA loans.

FHA vs VA Loans in West Hollywood: Which Government Loan Fits Your Situation?