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in Inglewood, CA
Both FHA and VA loans make homeownership easier in Inglewood, but they work completely differently. FHA serves first-time buyers with flexible credit. VA rewards military service with zero down payment.
Most Inglewood buyers qualify for one or the other, not both. Your military status decides which path you take. Each program has distinct costs and requirements that affect your monthly payment.
FHA loans let you buy with just 3.5% down if your credit score hits 580. You'll pay mortgage insurance for the loan's life, which adds to your monthly cost. FHA accepts higher debt ratios than conventional loans.
These loans work well for first-time buyers without military service. Sellers in Inglewood recognize FHA offers because they're common and reliable. You can use gift funds for your entire down payment.
VA loans require zero down payment if you have military service credentials. You pay no monthly mortgage insurance, which saves hundreds per month. The VA funding fee replaces traditional mortgage insurance but costs less.
Eligibility requires active duty, veteran status, or qualified surviving spouse. The Certificate of Eligibility proves your service meets VA standards. You can reuse VA benefits after selling your home.
The down payment gap matters most. VA buyers keep their savings while FHA buyers need cash upfront. On a $600,000 Inglewood home, that's $21,000 you either need or don't.
Monthly costs diverge sharply because VA eliminates mortgage insurance. FHA charges 0.55% annually on your loan balance. That's $275 per month on a $600,000 loan that VA borrowers avoid completely.
If you qualify for VA, use it. The zero down payment and no mortgage insurance make it objectively better financially. The only reason to choose FHA is you don't have military credentials.
FHA fills the gap for buyers without service history who need flexible approval. You'll pay more monthly and upfront, but you get in the game with minimal savings. Most Inglewood lenders approve both programs routinely.
No, you use one program per property. If you qualify for VA, you can't combine it with FHA for the same purchase.
Both take 30-45 days typically. VA appraisals sometimes add a week if the appraiser requests property repairs.
Most sellers accept both equally. VA appraisal requirements occasionally concern sellers with older homes needing repairs.
Yes, if you receive VA disability compensation. Otherwise, you pay 2.3% for first use or roll it into the loan.
VA typically offers rates 0.25% lower than FHA. Rates vary by borrower profile and market conditions.