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in Albany, CA
Albany's median household income of $126,240 puts most buyers in range for both FHA and VA loans. The choice hinges on eligibility, down payment, and how long you plan to stay.
Both programs let you borrow up to $1,249,125 in 2026. FHA requires 3.5% down with a 580+ FICO score. VA offers zero down for eligible veterans and active duty.
FHA at 5.75% works when you have modest savings but solid credit. The 3.5% down requirement means you keep more cash after closing.
Mortgage insurance (MIP) runs for the life of the loan if you put down less than 10%. FHA's upfront MIP is 1.75% of the loan amount, rolled into your balance.
VA at 5.75% is zero down for eligible veterans, active duty, and surviving spouses. No mortgage insurance applies. A funding fee replaces PMI: 2.15% on first use with zero down.
Disabled veterans with a 10% or higher rating skip the fee entirely. The VA payment on a full-price purchase matches FHA's at the same rate.
Local decision guide
Use this comparison to weigh FHA Loans and VA Loans through local payment fit, eligibility, documentation, and timing before choosing a path in Albany.
Albany's median household income of $126,240 puts most buyers in range for both FHA and VA loans. The choice hinges on eligibility, down payment, and how long you plan to stay.
Both programs let you borrow up to $1,249,125 in 2026. FHA requires 3.5% down with a 580+ FICO score. VA offers zero down for eligible veterans and active duty.
FHA at 5.75% works when you have modest savings but solid credit. The 3.5% down requirement means you keep more cash after closing.
FHA requires 3.5% down; VA requires zero. FHA carries lifetime mortgage insurance above 90% LTV. VA's funding fee is a one-time cost instead.
Credit floors differ: FHA accepts 580+ FICO, VA typically wants 620+. Both programs cap at $1,249,125 in 2026. The real trade-off is down payment versus insurance burden.
FHA makes sense for non-military buyers with limited savings but decent credit. You'll carry insurance, but the 3.5% down keeps cash in the bank.
VA is the clear winner for eligible veterans and active duty with any down payment. Zero down means you own the full property from day one with no mortgage insurance.
Yes. FHA accepts 580+ FICO. A 620 score qualifies easily. Lenders may add overlays, but the program floor is 580.
Yes, you must be eligible. VA loans are for veterans, active duty, National Guard, Reserves, and surviving spouses with a Certificate of Eligibility.
At 5.75% on a $750,000 loan, both show $4,377 monthly P&I. FHA requires 3.5% down; VA requires zero. FHA carries MIP for life, VA pays a one-time funding fee.
Yes, but it depends on your down payment. With 10% or more down, MIP cancels after 11 years. Below 10% down, MIP runs for the life of the loan.
No. First-time VA buyers with zero down pay 2.15%. Subsequent uses pay 3.3%. Veterans with a 10% or higher VA disability rating are exempt.