Question 1

Can I use a VA loan in Merced?

Accepted Answer

Yes, if you're an eligible veteran, active-duty member, or surviving spouse. Your Certificate of Eligibility confirms your benefit.

Question 2

Does FHA or VA have better rates in Merced?

Accepted Answer

VA rates typically come in lower. Rates vary by borrower profile and market conditions.

Question 3

Do VA loans have loan limits in Merced County?

Accepted Answer

Not if you have full VA entitlement. Borrowers with reduced entitlement may face limits tied to county conforming limits.

Question 4

Which loan has lower monthly payments?

Accepted Answer

VA usually wins. No monthly mortgage insurance means a lower payment even if the rate is similar.

Question 5

Can I have both an FHA and VA loan?

Accepted Answer

Not on the same property. You pick one loan per purchase. Your eligibility and situation determine which fits.

Question 6

What credit score do I need for each loan?

Accepted Answer

FHA allows 580 for 3.5% down. Most VA lenders want 620, though some go lower depending on the full file.

FHA vs VA Loans in Merced, CA