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in Chowchilla, CA
Two government-backed loans dominate Chowchilla's buyer pool: FHA and VA. Both offer below-market entry points, but they work very differently.
FHA is open to almost anyone. VA is exclusive to veterans and service members — and if you qualify, it's almost always the better deal.
FHA loans require just 3.5% down with a 580 credit score. Drop to 500-579 and you'll need 10% down — but you can still get approved.
Every FHA loan carries mortgage insurance. You pay it upfront and monthly. That cost adds up over time.
VA loans require zero down payment. No mortgage insurance either. For eligible borrowers, that's a significant monthly savings.
You'll pay a one-time VA funding fee instead. It rolls into the loan. Disabled veterans are often exempt from it entirely.
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 Chowchilla.
Two government-backed loans dominate Chowchilla's buyer pool: FHA and VA. Both offer below-market entry points, but they work very differently.
FHA is open to almost anyone. VA is exclusive to veterans and service members — and if you qualify, it's almost always the better deal.
FHA loans require just 3.5% down with a 580 credit score. Drop to 500-579 and you'll need 10% down — but you can still get approved.
The biggest split is mortgage insurance. FHA charges it every month. VA doesn't charge it at all. Over a 30-year loan, that gap is substantial.
Credit standards are similar, but VA lenders in practice want to see 620+. FHA has more flexibility at the lower end of the credit spectrum.
If you served, use your VA benefit. The zero-down and no mortgage insurance combination is hard to beat in a market like Chowchilla.
If you're a civilian buyer with limited savings and a credit score in the 580s, FHA is your clearest path to homeownership right now.
Yes. Veterans and surviving spouses can qualify. You'll need a Certificate of Eligibility to prove your service record.
FHA allows scores as low as 500 with 10% down. VA has no official minimum, but most lenders want 620+.
VA usually wins. No monthly mortgage insurance keeps the payment lower, even if the rate is similar. Rates vary by borrower profile and market conditions.
Not on the same property. You pick one. If you're VA-eligible, most brokers will steer you toward VA first.
It's a one-time fee charged by the VA — not a lender fee. It rolls into your loan and varies based on down payment and service history.
VA wins for eligible first-timers. FHA is the right call if you don't have military service history.