Profile picture for MarionBynoe

VA and FHA

I have a home in Colorado that I use as rental property; purchased it with a VA loan in 1999.  Now, I want to purchase a primary home in Texas using FHA.  Is the process the same? 
  • September 25 2010 - Southwest Colorado Springs
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

Hello there,

I would recommend doing another VA loan.  You can have more than one at a time.  Going FHA would make you put 3.5% down, and you would pay monthly mortgage insurance while getting the same interest rate as a VA loan.  Even if you have no entitlement left, you could still purchase a home in Texas up to $273,000 with zero down, and no monthly mortgage insurance using 2nd tier entitlement.

Please feel free to send me a quick call or email if you have any questions.  I do not lend in Texas, but its my pleasure to give you the best information I can.
  • November 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for David Widlund
It's not exactly the same. The main differences are that a VA loan doesn't require a down payment if you fit a list of criteria. The VA loan has no monthly mortgage insurance premium, and the financed up-front fee is much larger with VA unless you have a service related disability. Then it can be as little as 0% depending on the level of disability. The qualifications are quite different but if you could qualify for the FHA, you should qualify for the VA also. The important thing to watch out for is the guideline for including the costs of both homes in your monthly debts. You need to get with a knowledgeable lender who will prequalify you so you will know with some certainty.
  • September 25 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.