Question 1

Can I use a VA loan in Loma Linda with bad credit?

Accepted Answer

VA has no official minimum credit score, but most lenders want 580-620. SRK CAPITAL works with lenders who have flexible overlays.

Question 2

Does FHA require mortgage insurance forever?

Accepted Answer

On most FHA loans with less than 10% down, MIP stays for the life of the loan. Putting 10%+ down drops it after 11 years.

Question 3

What is the VA funding fee?

Accepted Answer

It's a one-time fee rolled into the loan. Most first-time VA users pay 2.15%. Some veterans with disabilities are exempt.

Question 4

Which loan has higher loan limits in San Bernardino County?

Accepted Answer

FHA limits are set by county. VA has no loan limit for borrowers with full entitlement — a major advantage for higher-priced homes.

Question 5

Can I switch from FHA to VA after closing?

Accepted Answer

You can refinance an FHA loan into a VA loan if you gain eligibility. It often lowers your rate and eliminates MIP.

Question 6

Which loan closes faster in Loma Linda?

Accepted Answer

Both can close in 30 days with an organized file. VA appraisals occasionally take longer due to MPR property requirements.

FHA vs VA Loans in Loma Linda: Which One Wins for You?