Question 1

Can I use a VA loan to buy in Los Gatos?

Accepted Answer

Yes, if you have qualifying military service and a Certificate of Eligibility. VA loan limits in Santa Clara County are high enough to be useful here.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

On most FHA loans, MIP stays for the life of the loan. The only exit is refinancing into a conventional loan once you have enough equity.

Question 3

Which loan has a lower interest rate?

Accepted Answer

VA loans typically carry lower rates than FHA. Rates vary by borrower profile and market conditions — we shop both across 200+ lenders.

Question 4

What is the VA funding fee?

Accepted Answer

It's a one-time fee charged by the VA, typically 2.15% for first-time use. It can be rolled into the loan, so no cash needed at closing.

Question 5

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

Accepted Answer

Generally, no — you can only use one government-backed loan per primary residence purchase. Talk to us about your full picture.

Question 6

Which loan is easier to qualify for?

Accepted Answer

FHA has more flexible credit guidelines. VA has no minimum credit score set by the VA itself, but most lenders require 620 or higher.

FHA vs VA Loans in Los Gatos, CA