Question 1

Can I use a VA loan in Salinas with no money saved?

Accepted Answer

Yes. VA loans require zero down payment. You'll still need funds for closing costs unless you negotiate seller concessions.

Question 2

Does FHA require mortgage insurance forever?

Accepted Answer

On most FHA loans, yes. If you put less than 10% down, you pay monthly MIP for the life of the loan.

Question 3

Which loan has better rates, FHA or VA?

Accepted Answer

VA rates are typically lower than FHA rates. Rates vary by borrower profile and market conditions, so compare both options.

Question 4

What credit score do I need for a VA loan?

Accepted Answer

VA sets no official minimum. Most lenders in our network want at least 620, but we can shop across 200+ wholesale lenders.

Question 5

Can I use both FHA and VA benefits at different times?

Accepted Answer

Not at the same time. VA is for eligible military borrowers only. You pick one program per purchase.

Question 6

Is there a loan limit for VA loans in Monterey County?

Accepted Answer

Veterans with full entitlement have no loan limit. Reduced entitlement situations may still apply a cap.

FHA vs VA Loans in Salinas, CA: Which Fits You?