Question 1

Can I use both FHA and VA loans in Calimesa?

Accepted Answer

You can only have one primary residence loan at a time. However, eligible borrowers can choose which program to use based on their current situation and financial goals.

Question 2

Which loan has better interest rates in Riverside County?

Accepted Answer

Rates vary by borrower profile and market conditions. VA loans often have slightly lower rates, but your credit score and financial situation determine your actual rate.

Question 3

Do both loans work for Calimesa condos and townhomes?

Accepted Answer

Yes, both FHA and VA loans can finance approved condos. The property must be on the respective program's approved list and meet specific requirements.

Question 4

How much does mortgage insurance cost on FHA loans?

Accepted Answer

FHA charges 1.75% upfront plus annual premiums of 0.55%-0.85% based on loan amount. VA loans charge a one-time funding fee but no monthly insurance.

Question 5

Can first-time buyers in Calimesa use either loan?

Accepted Answer

First-time buyers can use FHA loans without military service. VA loans require eligibility through military service regardless of whether you've owned a home before.

FHA Loans vs VA Loans in Calimesa: Which Government-Backed Mortgage is Right for You?