Question 1

Can I use both FHA and VA loans?

Accepted Answer

No — not on the same purchase. If you're VA-eligible, use it. You can only carry one government-backed loan on a primary residence at a time.

Question 2

Does VA really have no down payment in Ontario?

Accepted Answer

Correct. Eligible borrowers can finance 100% of the purchase price. No down payment required under current VA guidelines.

Question 3

Which loan has stricter credit requirements?

Accepted Answer

FHA accepts 580 credit with 3.5% down. VA has no official minimum, but most lenders in our network want at least 620.

Question 4

What is the VA funding fee?

Accepted Answer

It's a one-time fee charged by the VA — amount varies by down payment and usage. It can be rolled into the loan balance.

Question 5

Does FHA mortgage insurance ever go away?

Accepted Answer

On most FHA loans originated after 2013, MIP stays for the life of the loan. Refinancing into conventional is the main exit.

Question 6

Which loan is faster to close in Ontario?

Accepted Answer

Both typically close in 30–45 days. VA appraisals can take slightly longer, but it varies by lender and appraiser availability.

FHA vs VA Loans in Ontario, CA: Which One Wins for You?