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in Desert Hot Springs, CA
Two government-backed loans dominate here. Both offer below-market rates and easier approvals than conventional.
The big split: VA is only for veterans and service members. FHA is open to almost anyone who qualifies.
FHA requires just 3.5% down with a 580 credit score. Drop to 500 and you still qualify — with 10% down.
The catch is mortgage insurance. You pay it upfront and monthly, for the life of the loan in most cases.
VA loans require zero down payment. No private mortgage insurance either — that saves real money monthly.
Eligible borrowers include veterans, active-duty members, and surviving spouses. You need a Certificate of Eligibility.
VA wins on monthly payment. No mortgage insurance premium means lower cost every single month.
FHA wins on access. No military service required, and Desert Hot Springs buyers with thin credit still qualify.
If you served, use your VA benefit. The monthly savings over FHA are significant on any Desert Hot Springs purchase.
No military background? FHA is your best government-backed option. Low down payment, flexible credit, and wide lender access.
Yes, if you meet military service requirements. Get your Certificate of Eligibility first — that confirms what you can borrow.
VA rates are typically lower. Add in no mortgage insurance and the monthly savings are hard to beat. Rates vary by borrower profile and market conditions.
It's a one-time fee paid at closing or rolled into the loan. Some disabled veterans are exempt — worth checking before you close.
On most FHA loans with less than 10% down, yes — MIP stays for the life of the loan. That's a key cost to factor in.
Both FHA and VA loan limits are set at the county level. Check current Riverside County limits before assuming your purchase price is covered.
You can only use one per purchase. If you're VA-eligible, compare both carefully — VA usually wins on total cost.