Question 1

Can I use a VA loan if I'm still active duty?

Accepted Answer

Yes. Active-duty service members qualify. You'll need a Certificate of Eligibility to confirm your status before closing.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

Not on most FHA loans originated after 2013. MIP stays for the life of the loan unless you refinance into a conventional loan later.

Question 3

Which loan has higher limits in Orange County?

Accepted Answer

VA loans have no set loan limit for eligible borrowers with full entitlement. FHA limits are set by county and apply to all borrowers.

Question 4

Can a surviving spouse use a VA loan in RSM?

Accepted Answer

Yes, if the spouse meets VA eligibility criteria. This is a common situation — call us and we'll verify eligibility quickly.

Question 5

What credit score do I need for each loan?

Accepted Answer

FHA requires 580 for 3.5% down, or 500 with 10% down. VA has no official minimum, but most lenders want at least 580-620.

Question 6

Which loan is faster to close in Rancho Santa Margarita?

Accepted Answer

Both close in similar timeframes with a prepared borrower. VA requires a VA appraisal, which can add a few days in some markets.

FHA vs VA Loans in Rancho Santa Margarita