Loading
in Jackson, CA
Both FHA and VA loans offer paths to homeownership in Jackson with minimal cash upfront. The right choice depends entirely on your military service eligibility and how much you want to pay over the life of your loan.
FHA loans work for anyone who qualifies credit-wise. VA loans require military service but deliver significantly better terms if you're eligible.
FHA loans require just 3.5% down with credit scores as low as 580. You'll pay an upfront mortgage insurance premium of 1.75% plus annual premiums between 0.45% and 1.05% depending on your down payment and loan amount.
These loans cap at $498,257 in Amador County for single-family homes. The insurance never drops off unless you refinance, which makes them more expensive long-term than conventional financing.
VA loans require zero down payment and charge no monthly mortgage insurance. You pay a one-time funding fee between 1.4% and 3.6% based on service type and down payment, but disabled veterans get this waived entirely.
The loan limit doesn't cap your purchase price in Jackson. You just need full entitlement or a 25% down payment on amounts above $766,550 to avoid a down payment requirement.
The mortgage insurance gap creates the biggest cost difference. FHA charges 0.55% annually on a typical Jackson purchase, which adds roughly $200 monthly to your payment that never goes away.
VA loans cost more upfront with the funding fee but save thousands annually by eliminating ongoing insurance. On a 30-year loan, that difference typically exceeds $70,000 in total payments.
Use VA if you're eligible, period. The only exception is if you're buying a fixer-upper that needs major repairs before move-in, since VA property standards are stricter than FHA requirements.
FHA makes sense for non-veterans who can't hit the 5% down needed for conventional loans. Just plan to refinance once you build 20% equity to drop that mortgage insurance.
Yes, but VA appraisers will scrutinize older properties for safety and livability issues. Cosmetic quirks are fine; structural problems or missing systems will kill the deal.
On a $400,000 loan, expect roughly $183 per month at the standard 0.55% rate. That's $2,196 annually for the entire loan term unless you refinance.
Not meaningfully. Both typically close in 30-40 days with competent lenders who handle government loans regularly.
Yes, your loan type choices are independent. Previous VA loan use doesn't restrict FHA eligibility or vice versa.
VA handles rural properties well as long as they meet livability standards. FHA works too, but check that the property falls within FHA-approved areas in Amador County.