Question 1

Can I use a VA loan if I've used it before?

Accepted Answer

Yes. VA entitlement can be restored after you pay off a prior VA loan. You can use the benefit multiple times.

Question 2

Does FHA have loan limits in Santa Barbara County?

Accepted Answer

Yes. FHA sets county-level loan limits. Santa Barbara County limits apply — confirm the current cap before shopping.

Question 3

Which loan has lower monthly payments?

Accepted Answer

VA typically wins. No MIP keeps the monthly cost down, even if the rate is similar to FHA. Rates vary by borrower profile and market conditions.

Question 4

Can I use either loan for a condo in Carpinteria?

Accepted Answer

Yes, but the condo project must be approved. FHA and VA both maintain approved condo lists — not every building qualifies.

Question 5

What credit score do I need for a VA loan?

Accepted Answer

VA sets no official minimum, but most lenders require 620. Lender overlays vary, so shop across multiple lenders.

Question 6

Is the VA funding fee paid upfront or rolled in?

Accepted Answer

You can roll it into the loan balance. Most borrowers do — it avoids a large out-of-pocket cost at closing.

FHA vs VA Loans in Carpinteria, CA