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in Perris, CA
Perris sits in Riverside County with a strong military presence nearby. Both FHA and VA loans are popular here — and for good reason.
These two programs serve different buyers. Knowing which fits your situation saves time and money.
FHA loans require as little as 3.5% down with a 580 credit score. Drop below 580 and you'll need 10% down.
You'll pay mortgage insurance — both upfront and monthly. That cost doesn't disappear until you refinance out of FHA.
VA loans are for veterans, active-duty service members, and eligible surviving spouses. No down payment required.
There's no monthly mortgage insurance. That alone can save hundreds per month versus FHA.
The biggest gap is cost. VA borrowers skip monthly mortgage insurance entirely. FHA borrowers pay it for the life of the loan in most cases.
VA has a funding fee — a one-time charge that can be financed. FHA has an upfront MIP plus monthly premiums. Run both scenarios before choosing.
If you have VA eligibility, use it. The savings are real and the terms are hard to beat. Most VA buyers in Perris come out ahead.
If you don't qualify for VA, FHA is a solid path — especially with lower credit or limited savings. Rates vary by borrower profile and market conditions.
Not on the same property. You pick one program per purchase. VA is usually the better choice if you qualify.
No. Eligible borrowers can finance 100% with no down payment required. No loan limit cap for first-time VA use with full entitlement.
On most FHA loans with less than 10% down, yes. You'd need to refinance out of FHA to remove it.
VA appraisals are known for strict MPRs — minimum property requirements. FHA has similar standards. Both require the home to be move-in ready.
VA sets no official minimum, but most lenders want 620 or higher. Some lenders go lower — we shop across 200+ wholesale lenders to find your fit.
Both can close in 30 days with clean files. VA can take longer if the appraisal process gets backlogged — plan ahead.