Question 1

Can I use a VA loan in Sand City?

Accepted Answer

Yes, if you have eligible military service. Sand City's proximity to the Presidio of Monterey makes VA loans common here.

Question 2

Does FHA or VA have better rates?

Accepted Answer

VA rates are typically lower. Rates vary by borrower profile and market conditions, but VA's no-MIP structure also cuts your monthly payment.

Question 3

How much do I need down for FHA?

Accepted Answer

3.5% down with a 580+ credit score. Drop below 580 and most lenders require 10% down.

Question 4

Do VA loans have loan limits in Monterey County?

Accepted Answer

If you have full VA entitlement, there's no loan limit. Reduced entitlement from a prior VA loan may cap your amount.

Question 5

Which loan is easier to qualify for?

Accepted Answer

FHA is more flexible on credit for non-veterans. VA has no official minimum credit score, but most lenders set their own floor around 580-620.

Question 6

Can I have both FHA and VA eligibility?

Accepted Answer

You can qualify for both, but you can only use one per purchase. VA almost always wins on total cost.

FHA vs VA Loans in Sand City, CA