Can you do a FHA and VA loan for the same borrower?

Asked by Jenny Talasazan Realtor, San Diego, CA Fri Jun 20, 2008

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Will, , Atlanta, GA
Sat Jun 28, 2008
Jenny is absolutely correct.
1 vote
Denise Gleav…, Agent, Claremont, CA
Fri Jun 20, 2008
Hi Jenny,

Are you looking to do both types of loan on one property? If so, you can not do that. However you can have two properties with each one of the having a differant loan (one having FHA & the other having VA).

Hope this helps. If not, call me at 858-565-7777.

Thanks, Densie Gleavey
Coldwell Banker
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2 votes
Constantine…, , San Diego, CA
Wed Dec 22, 2010
Actually, FHA has a 100% program for Vets that would not be able to get VA financing due to non-occupied co borrowers or non-spousal occupied co-borrowers without VA eligibility. Most newer underwriters do not know about the program and would have to check with specific lender overlays, but it is definitely there for you!!
Call me if you ever need anything !! (858) 848-LOAN
More information in this HUD letter from 2004:
SUBJECT: Federal Housing Administration (FHA) Mortgages to United States Veterans

With an increasing number of Armed Forces personnel returning to the United States following their service overseas as well as other servicemen and women obtaining veterans status, FHA wishes to remind mortgagees of the additional financing opportunities it makes available to qualified veterans. The three percent cash investment requirement for mortgagors described in Section 203(b)(2) of the National Housing Act does not apply to borrowers who are veterans and, under certain circumstances, this veteran’s preference may result in a significant reduction to the cash needed to close the mortgage.

Who Benefits?

Veterans already enjoy substantial homeownership opportunities through the Loan Guaranty programs of the Department of Veterans Affairs (VA); this FHA program supplements but does not supplant those entitlement programs. This additional mortgage financing opportunity being provided by FHA may directly benefit:

• Veterans with less than full eligibility for a VA guaranteed loan
• Veterans who are co-borrowers with someone other than a spouse
• Veterans whose eligibility is tied up until a loan that was assumed is paid off or the veteran is released from all liability
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1 vote
Ara Melkonia…, Agent, San Diego, CA
Sat Jan 25, 2014
The true answer here is MAYBE. More questions need answering before a definitive answer. FHA has 97% financing. Are you thinking you want to combine and get to 100%? NO NEED if so, VA has 100% financing with low fees. I'm retired Law Enforcement and can help with both GOVMT and conventional lending.

Thanks :-)
0 votes
jo, , Hollywood Hills, Los Angeles, CA
Wed Dec 22, 2010
Great answer from Constantine...If you need any further help, contact me and I can get you in contact with our mortgage guys here in the office.
0 votes
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