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in Bell, CA
Both FHA and VA loans offer Bell buyers pathways to homeownership with lower barriers than conventional financing. The right choice depends entirely on your military service status and financial profile.
FHA loans serve civilians and veterans alike with 3.5% down payments. VA loans exclusively serve military families but require zero down payment and no mortgage insurance.
FHA loans require just 3.5% down with credit scores as low as 580. You'll pay upfront mortgage insurance of 1.75% and annual premiums of 0.55% on most loans.
These loans work well for first-time buyers in Bell who don't qualify for VA benefits. Maximum loan limits in Los Angeles County are $644,000 for single-family homes.
Sellers can contribute up to 6% toward your closing costs. FHA accepts gift funds for the entire down payment from family members.
VA loans require zero down payment and charge no monthly mortgage insurance. You'll pay a one-time funding fee between 1.4% and 3.6% depending on your service type and down payment.
Eligible veterans, active-duty service members, National Guard, and qualifying spouses can use this benefit. VA loans in Los Angeles County max out at $766,550 without requiring a down payment.
Most lenders accept 580-620 credit scores for VA loans. The VA guarantees 25% of the loan, which gives lenders confidence to approve tighter profiles.
The biggest split is eligibility and down payment. FHA is open to everyone but requires 3.5% down. VA serves only military families but requires nothing down.
Monthly costs favor VA loans significantly. FHA charges 0.55% annual mortgage insurance that never drops off. VA has no monthly insurance, just the upfront funding fee.
VA loans handle lower equity positions better. You can refinance at 90% loan-to-value with VA. FHA requires 20% equity to drop mortgage insurance through refinancing.
Use VA if you're eligible, period. Zero down and no monthly insurance beat FHA in almost every scenario. The only exception is if your funding fee would exceed FHA's total insurance costs over your expected holding period.
Choose FHA if you don't have military eligibility or if you're buying a multi-unit property as your primary residence. FHA allows up to four units while VA gets strict about owner-occupancy for duplexes and larger.
Both programs work in Bell's tight housing market. Your choice comes down to service history, not property type or local market conditions.
Yes. VA loan benefits restore after you sell and pay off the previous VA loan. You can also have two VA loans active if you have remaining entitlement.
No. FHA accepts 580 credit scores with 3.5% down. Scores between 500-579 require 10% down but most lenders won't go below 580.
Both take 30-45 days typically. VA can add time if the appraisal flags repairs, but FHA appraisals can be equally strict.
Yes if you receive VA disability compensation or are a surviving spouse. Otherwise the fee applies but can be financed into the loan.
Most do. VA used to face resistance but seller attitudes have shifted. Both programs appraise conservatively which matters more than loan type.