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in Emeryville, CA
Both FHA and VA loans are government-backed. Both beat conventional loans on flexibility. But they serve very different borrowers.
In Emeryville, Alameda County prices push buyers toward every advantage they can find. Knowing which loan fits your profile matters.
FHA loans require just 3.5% down with a 580 credit score. Drop to 500 and you still qualify — but you'll need 10% down.
The catch is mortgage insurance. FHA charges an upfront premium plus monthly MIP. That cost doesn't go away until you refinance out.
VA loans require zero down. No private mortgage insurance either. For eligible borrowers, that's a significant monthly savings.
There's a one-time VA funding fee — but it's rolled into the loan. Disabled veterans are exempt from that fee entirely.
The biggest gap is mortgage insurance. VA has none. FHA borrowers pay MIP every month, often for the full loan term.
Down payment is the other divider. VA borrowers keep cash in hand. FHA buyers still need at least 3.5% of the purchase price.
If you've served, use your VA benefit. The math almost always favors VA — lower payment, no MIP, zero down.
If you haven't served, FHA is your best low-down-payment option. It's especially useful when your credit score isn't strong enough for conventional.
Yes, if you meet VA eligibility. You'll need a Certificate of Eligibility from the VA before we can submit your loan.
Both programs follow conforming loan limits set for Alameda County. VA loans have no cap if you have full entitlement.
VA typically wins. No MIP keeps the payment lower than FHA at the same rate. Rates vary by borrower profile and market conditions.
No. You pick one loan program per transaction. Eligible veterans should compare both before deciding.
FHA allows scores as low as 580 for 3.5% down. Most VA lenders want at least 620, though VA itself sets no minimum.
Not always. Veterans with a service-connected disability rating are typically exempt. Your lender will verify your status upfront.