Question 1

Can I use a VA loan in Gonzales with no down payment?

Accepted Answer

Yes. Eligible veterans and active-duty service members can buy with zero down. No private mortgage insurance is required either.

Question 2

Does FHA require mortgage insurance forever?

Accepted Answer

On most FHA loans with less than 10% down, mortgage insurance stays for the life of the loan. Refinancing to conventional later can remove it.

Question 3

What credit score do I need for an FHA loan?

Accepted Answer

580 gets you in at 3.5% down. Scores between 500 and 579 may qualify with 10% down, depending on the lender.

Question 4

What is the VA funding fee?

Accepted Answer

It's a one-time fee rolled into your loan. The amount depends on your down payment and whether you've used a VA loan before.

Question 5

Which loan is better for a first-time buyer in Gonzales?

Accepted Answer

Veterans should use VA — no question. Non-veterans with limited savings typically do better with FHA given the low down payment requirement.

Question 6

Can I have both an FHA and VA loan at the same time?

Accepted Answer

Generally no — you can only use one on a primary residence at a time. Talk to us about your specific situation.

FHA vs VA Loans in Gonzales, CA