Question 1

Can I use a VA loan if I already own a home?

Accepted Answer

Yes, but your entitlement amount depends on whether you've paid off previous VA loans. Most veterans have enough entitlement for a second property.

Question 2

Does FHA mortgage insurance ever drop off?

Accepted Answer

Not on loans with less than 10% down. You'd need to refinance into a conventional loan once you hit 20% equity to eliminate it.

Question 3

Which loan offers better interest rates?

Accepted Answer

VA rates typically beat FHA by 0.125% to 0.25%. Rates vary by borrower profile and market conditions as of February 2026.

Question 4

Do both loans have property condition requirements?

Accepted Answer

Yes. VA and FHA both require appraisals that flag safety issues and needed repairs before closing.

Question 5

Can I combine a VA loan with down payment assistance?

Accepted Answer

VA already offers zero down, so most assistance programs don't apply. FHA works with county and state assistance programs more often.

FHA vs VA Loans in East Palo Alto: Which Government Loan Fits Your Profile?