Question 1

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

Accepted Answer

No — you pick one per transaction. If you have VA eligibility, use it. The savings typically outweigh FHA's benefits.

Question 2

Does the VA loan have income limits in Aliso Viejo?

Accepted Answer

No income limits apply. Lenders still verify your income to confirm you can repay the loan.

Question 3

Which loan has lower mortgage insurance costs?

Accepted Answer

VA wins here. There's no monthly mortgage insurance. FHA charges MIP every month for the life of most loans.

Question 4

What credit score do I need for a VA loan?

Accepted Answer

The VA sets no official minimum. Most lenders want at least 580-620. Stronger scores get better rates.

Question 5

Is the FHA down payment requirement really just 3.5%?

Accepted Answer

Yes, with a 580+ credit score. Drop below 580 and lenders require 10% down.

Question 6

Which loan closes faster in Orange County?

Accepted Answer

Both take roughly the same time. VA loans require a VA appraisal, which can add a few days. Plan for 30-45 days either way.

FHA vs VA Loans in Aliso Viejo: Which One Wins for You?