Question 1

Can I use both FHA and VA loans at the same time?

Accepted Answer

No. You choose one per purchase. If you've used VA before, you might have remaining entitlement for a second VA loan depending on your previous loan amount.

Question 2

Does VA always cost less than FHA?

Accepted Answer

Usually yes for monthly payments. FHA's mortgage insurance adds hundreds monthly. VA's funding fee is one-time and often rolled into the loan.

Question 3

Can I qualify for VA with bad credit?

Accepted Answer

The VA sets no minimum score, but most lenders want 620 or higher. FHA typically goes lower, sometimes to 580 or even 500 with compensating factors.

Question 4

Do both loans work for Colma condos?

Accepted Answer

Yes, but the condo complex must be approved by FHA or VA respectively. Many complexes have both approvals. Your broker checks the list before writing an offer.

Question 5

Which loan closes faster in Colma?

Accepted Answer

Similar timelines. Both take 25 to 40 days typically. VA appraisals can add a few days since the appraiser must meet VA certification requirements.

FHA vs VA Loans in Colma: Which Government Loan Fits Your Situation?