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in Quincy, CA
Quincy buyers choosing between FHA and VA 30-year fixed loans face a real tradeoff. FHA requires a down payment but works for most borrowers. VA offers zero down for eligible veterans and active military, but funding fees apply instead of mortgage insurance.
The 2026 FHA loan limit in Quincy is $541,287, while VA loans can go up to $832,750. Both programs price at 5.875% interest. Your choice depends on eligibility, savings, and how long you plan to stay.
FHA at 5.875% works when you have modest savings but solid credit. The program requires 3.5% down and accepts FICO scores as low as 580.
Mortgage insurance (MIP) runs for the life of the loan if you put down less than 10%. FHA's upfront mortgage insurance is 1.75% of the loan amount.
VA at 5.875% is zero down for eligible veterans, active duty, and surviving spouses. You need a Certificate of Eligibility but no minimum credit score is set by VA.
The funding fee replaces mortgage insurance: 2.15% on first use with zero down. Funding fee exemption requires a 10% disability rating or higher.
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 Quincy.
Quincy buyers choosing between FHA and VA 30-year fixed loans face a real tradeoff. FHA requires a down payment but works for most borrowers. VA offers zero down for eligible veterans and active military, but funding fees apply instead of mortgage insurance.
The 2026 FHA loan limit in Quincy is $541,287, while VA loans can go up to $832,750. Both programs price at 5.875% interest. Your choice depends on eligibility, savings, and how long you plan to stay.
FHA at 5.875% works when you have modest savings but solid credit. The program requires 3.5% down and accepts FICO scores as low as 580.
The down-payment gap is the biggest difference. FHA requires 3.5% minimum; VA requires nothing. VA borrowers roll the funding fee into the loan instead.
FHA's mortgage insurance runs for life above 90% LTV. VA's funding fee is a one-time cost. Both programs hit the same interest rate here, so the monthly payment is identical.
FHA makes sense for non-military buyers with modest savings and a FICO above 620. Plumas County's median household income is $64,946, so a $750,000 purchase is a stretch for most local buyers.
VA is the clear winner if you're a veteran, active duty, or eligible surviving spouse. Zero down means you keep cash in the bank for closing costs and repairs.
No. The 2026 FHA loan limit in Quincy is $541,287. A purchase above that requires VA eligibility or a conventional loan instead.
None. Both programs price at 5.875% interest. Monthly P&I is $4,437 for both. The difference is down payment and insurance structure, not the payment itself.
No. VA sets no minimum credit score. Lenders typically want 620+, but VA itself has no floor. FHA requires 580+ for the 3.5% down program.
2.15% of the loan amount on first use with zero down. On a $750,000 loan, that's $16,125, rolled into your mortgage. It's lower with a disability rating of 10% or higher.
Yes, if you put down less than 10%. MIP runs for the life of the loan. At 10% down or more, MIP cancels after 11 years.