Question 1

Can I use VA and FHA loans at the same time?

Accepted Answer

No, you pick one loan type per purchase. If you've used VA before, you might still have remaining entitlement for a second VA loan instead of switching to FHA.

Question 2

Which loan closes faster in Marina?

Accepted Answer

Both take 30-45 days typically. VA appraisals sometimes add a few days because the VA requires specific property standards, but the difference is minimal with experienced lenders.

Question 3

Do sellers in Marina prefer FHA over VA?

Accepted Answer

Some agents worry about VA appraisals being strict, but that concern is overblown. Strong offers overcome loan type bias, and both programs work fine for Marina's housing stock.

Question 4

Can I avoid the VA funding fee?

Accepted Answer

Yes, if you receive VA disability compensation or if you're a surviving spouse. Otherwise, the 2.15% fee applies but gets financed into your loan amount.

Question 5

Which loan has lower rates right now?

Accepted Answer

VA rates typically run 0.25-0.50% lower than FHA because of the government guarantee. Rates vary by borrower profile and market conditions, so shop multiple lenders.

FHA vs VA Loans in Marina: Which Government Loan Wins for You?