Question 1

Can I use a VA loan if I've never served in the military?

Accepted Answer

No, VA loans require military service. Surviving spouses of service members killed in action may qualify with a Certificate of Eligibility from the VA.

Question 2

Does FHA mortgage insurance ever drop off?

Accepted Answer

Only if you put down 10% or more, and even then you pay it for 11 years. With 3.5% down, you pay insurance for the full loan term.

Question 3

Which loan has stricter property requirements?

Accepted Answer

VA inspections are tougher. They flag peeling paint, missing handrails, and roof issues FHA might overlook. Budget for potential repairs before close.

Question 4

Can I use these loans for condos in Westlake Village?

Accepted Answer

Yes, if the complex is FHA or VA approved. Most newer developments get approval, but check the HUD and VA condo lists before writing an offer.

Question 5

What credit score do I actually need for each loan?

Accepted Answer

FHA accepts 580 officially, though many lenders want 620. VA has no official floor, but most lenders set minimums around 620 as well.

FHA vs VA Loans in Westlake Village: Which Government Loan Fits Your Profile?