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VA vs FHA

Is ever better to choose a va loan over a fha loan if you qualify for both? by rgarcia790 from Sumner, Nebraska. Oct 11th 2019 Reply


It largely depends on your own circumstances. If you have little or no down payment, VA is typically more attractive.

Oct 11th 2019
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Dan Paladin (dpaladin)
#1 ranked lender in California - 658 contributions

Typically VA will be your better choice. No mortgage insurance.

Oct 11th 2019
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Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 597 contributions

VA is a better way to go if you have little to no down payment money available but 4% seller concessions are allowed. FHA one need 3.5% down payment and up to 6% seller concessions are allowed. FHA usually just a slightly lower interest rate the VA mortgage loans. Gifts that can be sourced are allowed on both FHA and VA loans to help with the overall costs of the mortgage loan.

Oct 14th 2019
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,092 contributions

Hands down, no two ways about it, VA loans wins. Rates will be about the same. VA has no down payment requirement if you wanted little to no down. FHA's require 3.50% down. Even if you wanted to put money down and go FHA, FHA loans always require mortgage insurance regardless of down payment size, while VA loans never do. So on the mortgage insurance fact alone, VA wins every time. I offer VA loans in WI, MN, and SD. My VA site is VAMortgageMN.com. NMLS274132

Oct 15th 2019
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