Question 1

Can I use a VA loan in Lompoc near Vandenberg?

Accepted Answer

Yes. Lompoc is in Santa Barbara County, and VA loans work anywhere in California. Proximity to Vandenberg makes VA loans especially common here.

Question 2

Does FHA or VA have higher loan limits in Santa Barbara County?

Accepted Answer

Both programs use conforming loan limits set for Santa Barbara County. VA has no fixed cap for eligible borrowers with full entitlement.

Question 3

What credit score do I need for each loan?

Accepted Answer

FHA lenders typically accept 580 with 3.5% down. VA has no official minimum, but most lenders want at least 620.

Question 4

Which loan has lower monthly payments?

Accepted Answer

VA loans usually do. No monthly mortgage insurance premium gives VA borrowers a real payment advantage over FHA. Rates vary by borrower profile and market conditions.

Question 5

Do both loans allow seller concessions in California?

Accepted Answer

Yes. FHA allows up to 6% in seller concessions. VA also allows up to 4% in seller-paid concessions plus reasonable closing costs.

Question 6

What is the VA funding fee and can it be waived?

Accepted Answer

It's a one-time fee the VA charges instead of mortgage insurance. Veterans with a service-connected disability rating may have it fully waived.

FHA vs VA Loans in Lompoc: Which One Fits You?