Question 1

Can I use a VA loan to buy in Sutter Creek?

Accepted Answer

Yes, VA loans work on eligible properties statewide. Sutter Creek homes qualify as long as they meet VA minimum property standards.

Question 2

Does FHA require mortgage insurance forever?

Accepted Answer

On most FHA loans with less than 10% down, yes — MIP lasts the life of the loan. That's a real long-term cost to factor in.

Question 3

What credit score do I need for a VA loan?

Accepted Answer

VA sets no official minimum, but most lenders want at least a 620. Your credit still affects the rate you'll get.

Question 4

Which loan has lower monthly payments?

Accepted Answer

VA typically wins. No monthly mortgage insurance keeps the payment lower even if the rate is similar. Rates vary by borrower profile and market conditions.

Question 5

Can a first-time buyer use either loan?

Accepted Answer

Both work for first-time buyers. VA requires military eligibility. FHA has no such restriction and is popular with first-time Sutter Creek buyers.

Question 6

What is the VA funding fee?

Accepted Answer

It's a one-time fee the VA charges to sustain the program. It can be financed into the loan, and disabled veterans are typically exempt.

FHA vs VA Loans in Sutter Creek, CA