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in Lemoore, CA
Lemoore sits next to Naval Air Station Lemoore, the Navy's largest master jet base. That makes VA loans a natural fit here, but FHA loans still compete hard for buyers who don't qualify for VA benefits.
Both programs offer low barriers to homeownership with government backing. The right choice depends on your military status and how long you plan to own the property.
FHA loans require just 3.5% down with credit scores as low as 580. You pay an upfront mortgage insurance premium of 1.75%, then annual premiums that don't drop off until you refinance or sell.
These loans work for anyone who meets income and credit standards. You'll face loan limits set by county, and sellers see your offer as more flexible than VA since you're not asking them to cover funding fees.
VA loans let eligible veterans and active-duty service members buy with zero down. No mortgage insurance exists here — you pay a funding fee instead, ranging from 1.4% to 3.6% based on down payment and usage.
Lenders cap VA rates below conventional pricing because the government guarantees 25% of the loan. Disabled veterans skip the funding fee entirely, making this the cheapest mortgage option available.
The biggest split is down payment: VA needs nothing, FHA wants 3.5%. VA borrowers avoid monthly mortgage insurance but pay a funding fee. FHA borrowers pay both upfront and monthly insurance that never drops off.
VA loans demand an appraisal with stricter property standards than FHA. Some sellers balk at VA offers because they think repairs will kill the deal. That perception costs buyers negotiating power even when the property is fine.
If you qualify for a VA loan, use it. The math is brutal: no down payment, no monthly insurance, and lower rates beat FHA every time. The only exception is when you're buying a fixer that won't pass VA inspection.
Choose FHA if you're not military-connected or if you've already used your VA entitlement on another property. FHA also closes faster when sellers worry about VA appraisal delays, though that's mostly outdated thinking in Lemoore's military market.
Yes. You restore full entitlement after selling and paying off the loan. You can also buy again with remaining entitlement while still owning another VA-financed property.
VA costs less over time due to zero down payment and no monthly insurance. FHA's lifetime insurance premium adds hundreds per month that VA borrowers avoid entirely.
Most sellers near NAS Lemoore understand VA loans and don't discriminate. Properties in good condition pass VA inspection without issue, making both offers equally strong.
Yes. Refinancing from FHA to VA eliminates mortgage insurance and often lowers your rate. This move makes sense once you've built equity and rates are favorable.
Most lenders want 580 minimum for FHA and 620 for VA. Some VA lenders go lower, but expect higher rates and tougher approval standards below 620.