Question 1

Can I use a VA loan to buy in Menifee?

Accepted Answer

Yes. Menifee falls under Riverside County VA loan limits. Eligible borrowers can purchase with zero down.

Question 2

Does FHA require mortgage insurance forever?

Accepted Answer

On most 30-year FHA loans, MIP stays for the life of the loan. Refinancing to conventional later is the main exit.

Question 3

Which loan has better rates — FHA or VA?

Accepted Answer

VA rates typically run lower than FHA. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for each loan?

Accepted Answer

FHA requires 580 for 3.5% down. VA has no official minimum, but most lenders want at least a 620.

Question 5

Can I have both FHA and VA eligibility?

Accepted Answer

Technically yes, but you'd choose one per loan. Veterans should almost always go VA — it costs less long-term.

Question 6

What's the VA funding fee and do I have to pay it?

Accepted Answer

It's a one-time fee rolled into the loan. Some veterans with service-connected disabilities are exempt.

FHA vs VA Loans in Menifee: Which One Fits You?