Question 1

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

Accepted Answer

No. You can only have one primary residence loan at a time. You can refinance from FHA to VA or vice versa when it makes sense.

Question 2

Which loan closes faster in Millbrae?

Accepted Answer

Both take 30-45 days typically. VA requires a Certificate of Eligibility which adds a few days if you don't have it ready upfront.

Question 3

Do FHA and VA loans require home inspections?

Accepted Answer

VA requires an appraisal with minimum property standards. FHA doesn't mandate inspections but does have appraisal safety requirements both loans enforce.

Question 4

Can I buy a condo with either loan type?

Accepted Answer

Yes, but the condo complex must be approved by FHA or VA. Many Millbrae complexes have existing approval already in place.

Question 5

Which loan has lower closing costs?

Accepted Answer

VA typically runs lower because it limits what lenders can charge. FHA allows higher fees but sellers can contribute more toward your costs.

FHA vs VA Loans in Millbrae: Which Government Loan Fits Your Purchase?