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fha vs va?

In the marines and wondering if a VA loan is by far better than FHA? Any reason to consider fha instead? by nmbr1.chrishodges931 from Oceanside, California. Jan 6th 2014 Reply


Taylor DeBartola (tdebartola)
#52 ranked lender in South Carolina - 3 contributions

First, thank you for your service to our country. The VA loan program is a better option for you for several reasons. First, you are not required to make any down payment, meaning you can finance the entire purchase price of the home. Second, the VA loan does not have Mortgage Insurance (sometimes called PMI) attached to the loan. FHA loans, however, do have expensive monthly mortgage insurance (in addition to your regular mortgage payments) that never goes away for the life of the loan. If you qualify for a VA mortgage, it is indeed a much better option. Feel free to call or email me directly if you have any further questions. tdebartola@primelending 404-406-3422

Jan 6th 2014
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Blake Kleckner (BlakeK)
#3 ranked lender in California - 261 contributions

ABSOLUTELY NOT! A FHA loan requires at least a 3.5% down payment. A VA loan does not require any down payment. A FHA loan has mortgage insurance that could easily be $200 to $400 monthly in addition to the monthly mortgage payment. A VA loan does not have mortgage insurance. For these 2 reasons alone, a VA loan is far superior to a FHA loan. Interest rates are about the same for both loan types. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Jan 6th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

VA is absolutely the best finance product you can get.. Rates are comparable to FHA, but FHA charges 1.35% annual mortgage insurance, VA has none.. FHA charges 1.75% upfront, and with VA it can be zero (depending on any military related disability).. and VA does not require a down payment.. FHA requires 3.5%. and with VA, the maximum loan limits are much higher... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 6th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

VA is absolutely the best way to go. No down payment, No mortgage insurance. If you did not qualify for a VA loan for any reason, an FHA would be your alternative. I suggest getting with a local loan officer, do a loan application and get pre-qualified. Best wishes, Sean

Jan 6th 2014
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Joshua Wachowiak (Joshua.wachowiak)
#23 ranked lender in Wisconsin - 70 contributions

VA loan is the best choice if comparing against FHA, just as all the other lenders have commented.If you were going to put 20% down, then you might want to consider a Conventional loan, which would not have a funding fee. The Federal VA loan has a VA funding fee if you are not disabled. If you are a disabled veteran then it is waived.So you would want to go VA if you are putting less than 20% down, but if you have a downpayment of 20% and you are not a disabled veteran and have to pay the funding fee, you should at least look at a Conventional loan. The VA funding fee is 2.15% at its cheapest. It is really the only drawback to the VA loan.

Jan 6th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

Lots of great replys and info already, I'll add that VA loans also tend to be slightly more flexible that FHA and easier to get them approved. VA has a better interest rate than conventional loans so even if you do have money for a downpayment, it is probably a better option. Bottom line: VA loan is hard to beat right now.

Jan 6th 2014
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

If you are eligible for a VA loan, it is a much better option than an FHA loan. VA loans do not require any down payment and often do not require mortgage insurance (unlike FHA). We are a lender located in San Diego and can help you explore your options at no obligation. Feel free to give us a call at 858-605-0952.

Jan 6th 2014
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Robert Hanson (rhanson)
#39 ranked lender in Maryland - 646 contributions

Almpost always VA will be a better option than FHA. If you are able to, or wish to make a larger down paymeny, a conventional loan could end up being a better choice. You really need an experienced lender to lay out the pros and cons of the options as they pertain to your specific situation. I'm happy to help with the financing or just give you advice. So if you need more information, or a competing rate quote you can go to my web page, call or email. and use my live support button to discuss or get advice on anything at all with me. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Jan 6th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

VA is better, for the reasons others have indicated.

Jan 6th 2014
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