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in Markleeville, CA
Markleeville is one of California's smallest county seats. Homes here are rural, inventory is tight, and most buyers need a loan that actually fits.
FHA and VA loans both come with government backing. But they serve very different borrowers — and the differences matter in a market like this.
FHA loans require as little as 3.5% down with a 580 credit score. Drop below 580 and you need 10% down — lenders won't budge on that.
You pay mortgage insurance for the life of the loan unless you refinance out. That cost adds up, but the flexible credit rules make FHA accessible.
VA loans are for veterans, active-duty service members, and surviving spouses. No down payment, no monthly mortgage insurance — it's the strongest loan program available.
You pay a one-time funding fee upfront. Most borrowers roll it into the loan. Disabled veterans are exempt from that fee entirely.
Eligibility is the first fork in the road. VA is restricted to military-connected borrowers. FHA has no service requirement.
VA wins on cost for qualified buyers. No mortgage insurance saves hundreds per month. FHA mortgage insurance never goes away on loans with low down payments.
If you have VA eligibility, use it. The savings over a 30-year loan are significant. Most veterans have no reason to choose FHA over VA.
If you don't have military service, FHA is a solid path into Markleeville real estate. Low down payment and flexible credit give most buyers a realistic shot.
Yes, but rarely makes sense. VA typically offers lower rates and no mortgage insurance — so using FHA usually costs more.
Both can work, but the property must meet government condition standards. Fixer-uppers may not qualify without repairs first.
VA has no loan limit for eligible borrowers with full entitlement. FHA limits are set by county and cap the purchase price.
FHA requires it for the life of most loans. VA has no monthly mortgage insurance at all — just a one-time funding fee.
FHA requires 580 for 3.5% down or 500 for 10% down. VA has no official minimum, but most lenders want at least 620.