Can I have a VA and an FHA Loan?

FHA loans anyone can get one; not restircted to first time buyers. 

• Minimum down payment is 3.5% which can all come from a gift from a family member. 

• FHA will also allow a non-occupying co-borrower on the loan to help for qualifying. 

• Credit score for most lenders requires 620 but there are no increases to the interest rate for this credit score like with conventional lending 

VA Loans * you have to be a Vet or active miliatry

• There are some rules around the length of time and if you have used your benefits before.  Talk with someone who is very knowledgeable about VA. 

• Veteran who is eligible can purchase a home up to $417K without any money down and not mortgage insurance each month.

To find out if you are VA Eligible call you VA Loan professional as well as you can contact the:

VA Loan Eligibility Center; 251 Main St; Winston-Salem, NC 27155  1-888-244-6711 to submit your VA form 1880 and other necessary documenation to determine if eligible.  You will need your DD214 if you were discharged after 10/1/79.