Question 1

Can I use VA if I've never served in the military?

Accepted Answer

No, VA loans require military service or marriage to an eligible veteran. Surviving spouses of service members who died on duty also qualify.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

Only if you refinance to conventional or put 10%+ down at purchase. Most FHA buyers pay it for the loan's full term.

Question 3

Which loan has lower interest rates in Daly City?

Accepted Answer

VA typically runs 0.25-0.50% lower than FHA. Both beat conventional rates for buyers with similar credit profiles.

Question 4

Can I use both loans for investment properties?

Accepted Answer

No, both require owner occupancy. You must live in the home as your primary residence within 60 days of closing.

Question 5

What's the minimum credit score for each loan?

Accepted Answer

FHA accepts 580 with 3.5% down. Most VA lenders want 620, though the VA itself sets no minimum.

FHA vs VA Loans in Daly City: Which Government-Backed Loan Fits Your Budget?