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in Belvedere, CA
Both FHA and VA loans offer government backing, but they serve different buyers with different rules. FHA works for anyone with modest savings, while VA rewards military service with unbeatable terms.
In Belvedere's high-cost market, understanding which program gives you more buying power matters. Your eligibility and financial profile determine which path makes sense.
FHA loans let you put down just 3.5% if your credit score hits 580. You'll pay mortgage insurance for the loan's life, which adds to your monthly cost but gets you in the door faster.
These loans work for anyone—first-timers, repeat buyers, self-employed. Belvedere falls under FHA's high-cost county limit, giving you access to larger loan amounts than most of the country.
Credit flexibility is the main draw. A 580 score qualifies you, and some lenders approve borrowers in the high 500s with 10% down.
VA loans require zero down and charge no mortgage insurance—ever. You need military service credentials, but if you qualify, it's the strongest government program available.
The VA doesn't set a maximum loan amount in high-cost areas like Marin. Your entitlement and lender limits determine how much you can borrow with no money down.
Sellers can pay all your closing costs on VA loans. That means you could buy a Belvedere home with just appraisal and inspection money out of pocket.
Eligibility separates these programs more than anything else. FHA accepts everyone who meets credit and income standards, while VA requires military service through the Department of Veterans Affairs.
The cost structure flips between them. FHA charges upfront and monthly mortgage insurance that sticks around, while VA has a one-time funding fee but no monthly insurance drain.
Down payment math heavily favors VA. You can buy with nothing down versus FHA's 3.5% minimum, which saves you $35,000 on a $1 million Belvedere property.
If you're eligible for VA benefits, use them. Zero down and no mortgage insurance beat FHA's terms in nearly every scenario, especially in Marin's expensive market.
FHA makes sense when you don't qualify for VA or need its credit flexibility. Borrowers with recent credit issues often get approved through FHA when conventional loans won't work.
Run the numbers on both if you're eligible for VA but have low credit scores. Some situations make FHA's lower funding fee worth the monthly insurance cost, though that's rare.
Yes. Both programs work in high-cost Marin County with elevated loan limits. VA has no maximum in most cases, while FHA's limit adjusts for the county.
VA loans typically cost less monthly because they skip mortgage insurance. FHA's insurance adds $200-400+ per month on Marin-sized loans.
Most do, though some luxury sellers prefer conventional financing. VA and FHA appraisals have stricter property standards that occasionally complicate deals.
Yes, if you gain VA eligibility through military service. Many borrowers start with FHA, then refinance to VA to drop mortgage insurance.
FHA officially goes lower, accepting 580 scores. VA doesn't set a minimum, but most lenders want 620+ for VA loans.