If I am pre-qualifed for a VA loan, can I still get pre qualified for an FHA loan?

If you have VA benefits, your far better off going with VA.. Besides the no down payment, VA offers the same rates as FHA, however, with VA, there is no monthly mortgage insurance. The VA funding fee can be slightly higher than FHA's upfront mortgage insurance premium, but under VA, if your disabled, you could get the funding fee waived.. Hands down, there is no other product better for you than VA.. 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. 480-287-5714 WilliamAcres.com

Florence -- the biggest difference between VA and FHA at this time is that the FHA loan will have mortgage insurance on it for the life of the loan, unless you put a hefty down payment into the mix. The VA loan is actually the very best loan program, that exists at this time, for buying a home.Though it is possible to get a no down payment VA loan, there is nothing to prevent you from putting some money down, if you so desire.Please contact a local, licensed mortgage professional to clarify your situation and options.

Besides a minimum 3.5% down payment for FHA, there is an upfront Mortgage Insurance premium AND a monthly mortgage insurance premium that is attached to the FHA loan for life. Your lender should be able to work with you to determine what other programs you qualify for besides a VA loan. There are conventional options available with a minimum 3% down payment however, credit score is a determining factor. Not to mention there are the USDA and VHDA programs. If I can help, let me know. I am located in the Richmond, VA area. Lynn Bossi-Kinsel #259819, 804-214-3051 or 804-677-8588.

The main difference between the two programs, besides no down payment for a VA loan is that will an FHA loan you will be required to pay for mortgage insruance for the entire life of the loan. Out of the two, generally a VA loan will a more affordable option.

Your best choice is to stay with VA.

You will be better with a VA loan since there is No MI and the rate will be the same. However, with an FHA loan your DTI ratios can go higher to about 56% but the MI can get you there real quick.

If you can income and credit qualify, you are better off with a VA loan- There is no Monthly insurance required-

Yes.