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in Delano, CA
Two government-backed loans dominate the conversation for Delano buyers. FHA and VA are both solid — but they work for very different borrowers.
VA is reserved for veterans and active-duty service members. FHA is open to almost anyone who qualifies. Knowing which camp you're in decides everything.
FHA loans require just 3.5% down with a 580 credit score. Drop to 500-579 and you'll need 10% down — but you can still get approved.
Every FHA loan carries mortgage insurance. You pay an upfront premium plus a monthly charge for the life of the loan in most cases.
VA loans offer zero down payment for eligible borrowers. No monthly mortgage insurance either — that saves real money every month.
You need a Certificate of Eligibility to use a VA loan. Most veterans qualify based on service length. Surviving spouses may also be eligible.
The biggest gap is mortgage insurance. VA has none. FHA charges it monthly, often for the full loan term. On a Delano purchase, that difference adds up fast.
Credit flexibility slightly favors FHA — VA has no official minimum score, but most lenders want 620. FHA lets you go lower with a bigger down payment.
If you served, use your VA benefit. Zero down plus no mortgage insurance is a hard combination to beat. Most veterans who skip VA are leaving money on the table.
If you're not military-eligible, FHA is the next best entry point in Delano. It beats conventional for buyers with less than 20% down and credit below 700.
Yes. VA entitlement can be restored after a prior loan is paid off. You can even have two VA loans active at once in some cases.
VA rates are typically lower. Both beat conventional for eligible borrowers. Rates vary by borrower profile and market conditions.
It's a one-time fee charged by the VA — not the lender. Most borrowers finance it into the loan. Disabled veterans are often exempt.
Yes. FHA allows the full down payment to come from a gift. The donor just needs to provide a signed gift letter.
Both are more flexible than conventional. FHA sets a floor at 500 credit. VA has no official minimum but lenders typically want 620.
Not if you have full entitlement. Borrowers with remaining entitlement may face county-based limits. Ask us to check your specific situation.