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in West Hollywood, CA
Both FHA and VA loans help buyers in West Hollywood get into homes with less cash upfront. But they serve different borrower types with distinct requirements.
FHA loans are open to anyone who qualifies. VA loans are exclusive to military members and veterans. The differences go deeper than just eligibility.
FHA loans let you put down just 3.5% with a credit score as low as 580. You'll pay mortgage insurance for the life of the loan unless you refinance.
The program accepts all qualified borrowers regardless of military service. FHA works for purchases, refinances, and even renovation projects with the 203(k) program.
In LA County, FHA loan limits go up to $1,149,825 for single-family homes as of 2026. That covers most West Hollywood properties outside the ultra-luxury tier.
VA loans require zero down payment and charge no monthly mortgage insurance. You pay a one-time funding fee that varies by service type and down payment size.
Eligibility is restricted to veterans, active-duty service members, and qualifying surviving spouses. You need a Certificate of Eligibility from the VA to proceed.
VA loan limits in LA County match FHA at $1,149,825 for full entitlement. Unlike FHA, you can buy above the limit with a partial down payment and still get VA financing.
The biggest split is mortgage insurance. FHA charges 1.75% upfront plus monthly premiums that last the loan's life. VA charges a funding fee but no ongoing insurance.
VA loans typically offer better rates and lower monthly payments. They also give sellers more flexibility to pay buyer closing costs, up to 4% of the purchase price.
FHA accepts lower credit scores and shorter service gaps. VA is stricter on credit but more forgiving on debt-to-income ratios for qualified veterans.
If you're eligible for VA, use it. The zero down and no mortgage insurance save tens of thousands over the loan term. There's no financial reason to choose FHA if VA is available.
If you're not military-connected, FHA is your government-backed option. The 3.5% down makes West Hollywood accessible without waiting years to save 20%.
Some buyers use FHA now and refinance to conventional later to drop mortgage insurance. That works if you plan to build equity and improve your credit score.
Yes, if the building is on the FHA or VA approved list. Most established condo complexes in West Hollywood qualify, but always verify before making an offer.
VA loans have lower payments because there's no monthly mortgage insurance. FHA's insurance adds roughly $200-400 per month on a $750,000 loan.
Not anymore. Both close in 30-40 days typically. VA appraisals used to slow things down, but processing times evened out in recent years.
VA yes, FHA no. VA lets you make a partial down payment and still use the program. FHA requires you to switch to conventional or jumbo financing.
2.15% for first-time VA buyers with zero down. It drops to 1.25% if you put down 5% or more, and goes lower for subsequent VA loans.