Question 1

Can I use VA if I've never been on active duty?

Accepted Answer

Only if you're a surviving spouse of a service member who died in service or from a service-related disability. National Guard and Reserve members may qualify after six years.

Question 2

Does FHA work on condos in South San Francisco?

Accepted Answer

Yes, if the condo is on FHA's approved list. Many buildings in South SF qualify, but always verify before making an offer.

Question 3

Which loan has lower rates right now?

Accepted Answer

Rates vary by borrower profile and market conditions. VA and FHA are usually within 0.25% of each other—the bigger cost difference is mortgage insurance.

Question 4

Can I refinance from FHA to VA later?

Accepted Answer

Yes, if you become eligible for VA benefits through service. Many borrowers do this to drop FHA mortgage insurance and lower their payment.

Question 5

What's the funding fee on a VA loan?

Accepted Answer

2.15% for first-time use with zero down, 1.25% with 10%+ down. Disabled veterans and some surviving spouses are exempt from the funding fee.

FHA vs VA Loans in South San Francisco: Which Government Program Fits Your Budget?