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in San Rafael, CA
San Rafael sits in one of California's priciest counties. Getting the right loan program isn't optional — it's the difference between buying and waiting.
FHA and VA loans both carry government backing. But they serve very different borrowers, and the gap matters at Marin County price points.
FHA loans are open to almost any buyer. You need a 580 credit score for the 3.5% down option, or 500 with 10% down.
The catch is mortgage insurance. FHA charges an upfront premium plus monthly MIP — and it sticks for the life of the loan if you put less than 10% down.
For first-time buyers in San Rafael without VA eligibility, FHA is often the most accessible path to homeownership.
VA loans are reserved for veterans, active-duty members, and surviving spouses. If you qualify, this is the strongest loan program available.
Zero down payment. No monthly mortgage insurance. Rates typically run lower than FHA. In San Rafael, that combination is significant.
There's a VA funding fee, but it can be rolled into the loan. Certain veterans with service-related disabilities are exempt entirely.
The biggest difference is cost. VA borrowers skip monthly mortgage insurance entirely. FHA borrowers pay MIP every month, often for the loan's full term.
Eligibility is the other dividing line. FHA is open to anyone who meets credit and income requirements. VA requires military service history.
Mortgage News Daily flagged recent FHA and VA guideline changes worth knowing — reach out to SRK CAPITAL to see how the latest updates affect your specific scenario.
If you have VA eligibility, use it. The savings over a 30-year loan in San Rafael are substantial — we're talking tens of thousands of dollars.
If you don't qualify for VA, FHA is a solid option. It gets you into the market with a lower credit score and less cash upfront than conventional.
At SRK CAPITAL, we run both scenarios side by side. You should see the actual numbers before you decide.
Yes, if you have VA eligibility and meet lender requirements. Rates vary by borrower profile and market conditions.
Not if you put less than 10% down. MIP stays for the life of the loan unless you refinance into a conventional mortgage.
VA loans have no set loan limit for eligible borrowers with full entitlement. FHA loan limits are county-specific and apply to all borrowers.
FHA requires 580 for 3.5% down. VA has no official minimum, but most lenders want at least a 620.
Yes. Surviving spouses of veterans who died in service or from a service-related disability are typically eligible for VA loan benefits.
Not always. Veterans with qualifying service-related disabilities are exempt. For everyone else, it can be rolled into the loan amount.