Question 1

Can I use VA and FHA loans for Norco horse properties?

Accepted Answer

Yes, both programs allow horse properties as primary residences. VA appraisals may scrutinize barn and fencing safety more than FHA does.

Question 2

Which loan has lower interest rates in Norco?

Accepted Answer

VA rates typically run 0.25-0.50% lower than FHA. Rates vary by borrower profile and market conditions.

Question 3

Do I pay mortgage insurance on VA loans?

Accepted Answer

No monthly mortgage insurance on VA loans ever. You pay a one-time funding fee instead, which can be financed into the loan.

Question 4

Can I refinance from FHA to VA later?

Accepted Answer

Yes, you can refinance FHA to VA once you're eligible. This eliminates monthly mortgage insurance and often lowers your rate.

Question 5

What credit score do I really need for each loan?

Accepted Answer

FHA lenders routinely approve 580 scores. VA lenders typically want 620 minimum though no official floor exists.

FHA vs VA Loans in Norco: Which Government-Backed Option Fits Your Budget?