Loading
in Rosemead, CA
Both FHA and VA loans help Rosemead buyers get into homes with less cash upfront than conventional mortgages require. The right choice depends on whether you qualify for VA benefits and how much you can put down.
FHA loans work for anyone who meets credit and income requirements. VA loans require military service but offer better terms for those who qualify.
FHA loans require just 3.5% down with credit scores as low as 580. You'll pay an upfront mortgage insurance premium of 1.75% plus annual premiums of 0.55% to 0.85% for the life of most loans.
Los Angeles County conforming limits apply, currently $806,500 for single-family homes. FHA works well for first-time buyers or anyone rebuilding credit who doesn't qualify for VA benefits.
VA loans require zero down payment and don't charge monthly mortgage insurance. You pay a funding fee of 2.3% for first use (1.4% with 5% down), which can be rolled into the loan amount.
Same $806,500 county limit applies in Los Angeles County. VA loans typically offer lower rates than FHA and cost less monthly once you factor in no mortgage insurance premiums.
VA beats FHA on monthly cost because you skip mortgage insurance entirely. On a $500,000 Rosemead home, that saves roughly $300-$425 per month compared to FHA premiums.
FHA requires less upfront cash if you make a down payment. The 1.75% upfront premium is lower than VA's 2.3% funding fee, though both can be financed into your loan balance.
Use VA if you qualify. The elimination of monthly mortgage insurance and zero down requirement make it the stronger loan in almost every scenario for eligible borrowers.
Choose FHA if you're not military-connected or if your VA entitlement is tied up in another property. FHA still beats conventional for buyers with smaller down payments or credit in the 580-660 range.
No. You'll use one or the other for a single property purchase. If you qualify for VA, that's typically the better financial choice.
VA generally costs less overall because you avoid mortgage insurance. Both let sellers pay up to 6% toward your closing costs.
Yes, but the condo complex must be FHA or VA approved. Not all HOAs meet government requirements, so check before making offers.
FHA officially requires 580, though some lenders want 600+. VA has no official minimum, but most lenders require 620 in practice.
Yes. Many veterans start with FHA before learning about VA benefits, then refinance to drop mortgage insurance and lower their rate.