Government Program Fun Facts!

Most people know the basics of FHA and VA loans — low down payments, easier to qualify, great for first-time buyers. But there are a few fun facts that not everyone knows, and these little details can actually make the difference between getting approved or not.

Let’s start with FHA. Did you know there’s a 90-day flip rule? That means if a seller just bought the home less than 90 days ago, you can’t use an FHA loan to buy it yet. It’s one of those small rules that can catch people off guard. Another thing most buyers don’t realize is that FHA includes the debts of a non-borrowing spouse in community property states — even if that spouse isn’t on the loan. It’s good to know this early because it can affect your qualifying numbers. The nice part though? FHA lets you use up to 6% in seller credits, which can cover your closing costs and save you a lot of money upfront.

Now, VA loans are a whole different story — and they come with some amazing perks. For one, there’s no exact credit score requirement set by the VA. Each lender decides their own standard, so there’s some flexibility there. VA loans also don’t have loan limits for eligible veterans with full entitlement, which is huge. And here’s a fun one: VA allows up to 4% in seller credits, and that money can even go toward paying off debts for the veteran to help them qualify.

Small details like these might not sound exciting, but they can completely change how a deal comes together. Whether you’re buying your first home or helping someone else do it, knowing these little “fun facts” can make you look like the smartest person in the room.