Question 1

Can I use VA loan benefits more than once?

Accepted Answer

Yes, your VA eligibility restores after selling and paying off a previous VA loan. You can reuse benefits multiple times throughout your life.

Question 2

Does FHA mortgage insurance ever drop off?

Accepted Answer

Only if you put down 10% or more, then it drops after 11 years. With 3.5% down, insurance stays for the full loan term.

Question 3

Which loan closes faster in Greenfield?

Accepted Answer

Both take similar timeframes, usually 30 to 45 days. VA appraisals sometimes add a few days due to property condition requirements.

Question 4

Can VA loans waive the funding fee?

Accepted Answer

Veterans receiving VA disability compensation are exempt. Purple Heart recipients and surviving spouses also qualify for waivers.

Question 5

Do both programs allow seller concessions?

Accepted Answer

Yes. FHA caps seller credits at 6% of purchase price while VA allows up to 4% for most closing costs.

Question 6

Which has stricter property standards?

Accepted Answer

VA requires properties meet Minimum Property Requirements including working systems and safe conditions. FHA has similar but slightly less strict standards.

FHA vs VA Loans in Greenfield: Which Government Mortgage Fits Your Situation?