Question 1

Can I use VA with bad credit in Davis?

Accepted Answer

Most VA lenders want 620 minimum, but some approve 580s with strong compensating factors. We've closed VA loans at 600 for buyers with stable income and clean payment history.

Question 2

Does FHA mortgage insurance ever drop off?

Accepted Answer

Not on loans after June 2013 with less than 10% down. You'll pay it until you refinance or sell. VA has no monthly insurance at all.

Question 3

Which loan closes faster in Davis?

Accepted Answer

VA runs 2-3 days slower on average due to appraisal requirements. Plan 30 days for either program when you have documents ready upfront.

Question 4

Can veterans use FHA instead of VA?

Accepted Answer

Yes, but it rarely makes sense financially. FHA costs more monthly and requires a down payment VA doesn't ask for.

Question 5

Do Davis sellers prefer FHA or VA offers?

Accepted Answer

Sellers treat them equally in most cases. Both appraisals check property condition, which can slow deals on older homes needing repairs.

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