Loading
in Truckee, CA
Truckee is a high-cost mountain market. Both FHA and VA loans offer low down payment options, but they serve very different borrowers.
If you're a veteran, VA almost always wins. If you're not, FHA is the most accessible government-backed option available here.
FHA loans are insured by the Federal Housing Administration. They accept credit scores as low as 580 with 3.5% down.
You will pay mortgage insurance premium (MIP) — an upfront fee plus monthly costs. That adds to your payment for the life of the loan in most cases.
VA loans are guaranteed by the Department of Veterans Affairs. Eligible veterans and active-duty service members can buy with zero down.
There's no monthly mortgage insurance. The only upfront cost is a funding fee, which can be financed into the loan.
The biggest difference is cost. VA borrowers skip monthly mortgage insurance entirely. FHA borrowers pay it every month.
VA also tends to carry lower interest rates. Over a 30-year loan in a high-price market like Truckee, that gap adds up fast.
If you served, use your VA benefit. The savings on mortgage insurance alone can be thousands of dollars per year in Truckee's price range.
If you're a civilian buyer with solid credit but limited cash, FHA gives you a real path in. Just budget for the monthly MIP costs.
Yes, VA loans work in Truckee. Loan limits were removed for eligible veterans with full entitlement in 2020.
FHA sets higher loan limits for high-cost counties like Nevada County. Check current limits before assuming a price point won't qualify.
VA usually does. No mortgage insurance premium means your payment is leaner. Rates vary by borrower profile and market conditions.
No. You choose one loan. If you're VA eligible, compare both offers before committing.
FHA allows 580 with 3.5% down. VA has no official minimum, but most lenders want at least 620.
Yes. Both require an appraisal. VA appraisals include minimum property requirements that can be stricter on older or rural homes.