Question 1

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

Accepted Answer

No, you must choose one loan type per property purchase. However, eligible veterans can use VA loans for one property and FHA for another investment property if they qualify for both separately.

Question 2

Do VA loans have income limits like some FHA programs?

Accepted Answer

No, VA loans have no income limits. Eligibility depends on military service credentials and ability to repay the loan, not maximum income thresholds.

Question 3

Which loan type closes faster in Redwood City?

Accepted Answer

Both typically close in similar timeframes of 30-45 days. VA appraisals may take slightly longer due to additional property requirements, but experienced lenders manage both efficiently.

Question 4

Can I avoid the VA funding fee with a down payment?

Accepted Answer

Making a down payment of 5% or 10% reduces the VA funding fee but does not eliminate it. Only disabled veterans and certain surviving spouses receive complete funding fee exemptions.

Question 5

Do Redwood City sellers prefer one loan type over the other?

Accepted Answer

Seller preferences vary. Some worry about VA appraisal requirements, while others value VA buyers' zero down payment capability. Strong pre-approval and communication overcome most concerns.

FHA vs VA Loans in Redwood City: Which Government-Backed Mortgage Fits Your Needs?