Question 1

Can I use VA with bad credit in San Mateo?

Accepted Answer

Most VA lenders want 620+ credit, but we have options at 580. Rates increase and you'll need compensating factors like steady income or cash reserves.

Question 2

Does FHA mortgage insurance ever drop off?

Accepted Answer

Not on loans after 2013 with less than 10% down. You carry it for the loan's life. Refinance to conventional at 80% LTV to eliminate it.

Question 3

Which loan closes faster in San Mateo?

Accepted Answer

VA and FHA close in similar timeframes, typically 30-35 days. VA appraisals sometimes add a week because the appraiser checks safety items FHA doesn't require.

Question 4

Can I use VA and FHA together?

Accepted Answer

No. You choose one loan type per purchase. If you're eligible for VA, it saves money over FHA in nearly every scenario.

Question 5

Do San Mateo sellers reject FHA offers?

Accepted Answer

Some do in competitive markets. FHA appraisals flag property condition issues that conventional appraisals ignore. Sellers prefer loans that close with fewer contingencies.

FHA vs VA Loans in San Mateo: Which Government-Backed Option Fits Your Situation?