Question 1

Can I use VA if I already bought with FHA?

Accepted Answer

Yes, assuming you have remaining VA entitlement. You can refinance the FHA loan to VA or buy a second property if your entitlement allows.

Question 2

Which loan closes faster in Morgan Hill?

Accepted Answer

Both take similar timeframes, typically 30-45 days. VA requires the Certificate of Eligibility upfront, so get that early.

Question 3

Does FHA or VA offer better rates?

Accepted Answer

VA typically edges out FHA by 0.125-0.25% because it carries less lender risk. Both beat conventional rates for most borrowers.

Question 4

Can I avoid mortgage insurance on FHA?

Accepted Answer

No. FHA requires upfront and annual mortgage insurance for all loans, regardless of down payment size or loan-to-value ratio.

Question 5

What if my Morgan Hill home exceeds VA limits?

Accepted Answer

You'll need 25% down on the amount over $1,149,825. A $1.3M home requires about $37,500 down under these rules.

FHA vs VA Loans in Morgan Hill: Which Government Loan Fits Your Situation?