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in San Marino, CA
San Marino buyers have access to two strong government-backed loan programs, each with different benefits. FHA loans require just 3.5% down but charge mortgage insurance for life, while VA loans offer zero down with no PMI if you qualify.
Most borrowers in Los Angeles County choose based on military status first. If you're an eligible veteran or service member, VA usually beats FHA on both upfront costs and monthly payments.
FHA loans let you buy with a 580 credit score and just 3.5% down. You'll pay an upfront mortgage insurance premium of 1.75% plus monthly PMI that never drops off, even after you reach 20% equity.
San Marino's higher home values mean that upfront MIP and monthly insurance add up fast. On a $1.5M home, you're paying about $26,000 upfront and $850 per month in insurance alone.
FHA caps your loan at $1,249,125 in Los Angeles County for 2026. That limit excludes you from most San Marino properties unless you're bringing significant cash beyond your 3.5% down payment.
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 down payment and whether you've used VA benefits before.
The VA loan limit doesn't cap what you can borrow, it just determines whether you need a down payment. In Los Angeles County, the 2026 limit is $1,249,125, but you can borrow more by putting 25% down on the amount above that threshold.
San Marino buyers using full VA entitlement can purchase homes over $2M with just 25% down on the portion exceeding the county limit. That's significantly less cash than conventional loans require at those price points.
Local decision guide
Use this comparison to weigh FHA Loans and VA Loans through local payment fit, eligibility, documentation, and timing before choosing a path in San Marino.
San Marino buyers have access to two strong government-backed loan programs, each with different benefits. FHA loans require just 3.5% down but charge mortgage insurance for life, while VA loans offer zero down with no PMI if you qualify.
Most borrowers in Los Angeles County choose based on military status first. If you're an eligible veteran or service member, VA usually beats FHA on both upfront costs and monthly payments.
FHA loans let you buy with a 580 credit score and just 3.5% down. You'll pay an upfront mortgage insurance premium of 1.75% plus monthly PMI that never drops off, even after you reach 20% equity.
The down payment difference is obvious, but the real cost gap shows up monthly. A $1M VA loan saves you roughly $600 per month compared to FHA because you're not paying mortgage insurance.
FHA works for any qualified buyer while VA requires military service eligibility. If you qualify for VA, you're almost always better off using it unless the seller refuses to pay VA-required repairs.
Both programs have property condition requirements, but VA is stricter. Homes need functioning heating systems, intact roofing, and safe electrical systems to pass VA appraisal where FHA might give more leeway.
Choose VA if you're eligible, period. The zero down requirement and lack of monthly insurance beat FHA in almost every scenario, especially in San Marino where home values make that monthly savings substantial.
Use FHA only if you don't qualify for VA and can't meet conventional loan requirements. It's the best option for buyers with credit scores between 580 and 620 or those who can't hit the larger down payments conventional loans demand.
San Marino sellers sometimes resist VA offers because of the stricter property standards and appraisal requirements. A strong offer with quick closing can overcome that hesitation, but know it's a factor in competitive situations.
VA lets you exceed the $1,249,125 limit with 25% down on the excess amount. FHA caps you at the county limit unless you bring significant additional cash beyond 3.5% down.
VA loans cost less monthly because they don't charge mortgage insurance. On a $1M loan, you save about $600 per month compared to FHA's required PMI.
Yes. Active-duty service members with 90+ consecutive days of service qualify for VA loans, as do veterans and certain surviving spouses.
Absolutely. Many buyers use FHA to purchase then refinance to VA once eligible, eliminating their mortgage insurance and lowering monthly costs.
FHA officially accepts 580 scores with 3.5% down. VA has no official minimum but most lenders want 620+ for VA loans in practice.