Loading
in Chino, CA
Chino sits in a competitive slice of San Bernardino County. Both FHA and VA loans can get you into a home here with minimal cash upfront.
The right choice depends on your military status, credit, and how long you plan to hold the property. These two loans are not interchangeable.
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.
Every FHA loan carries mortgage insurance. You pay an upfront premium plus a monthly charge for the life of the loan in most cases.
VA loans are the strongest purchase product available for eligible borrowers. Zero down, no monthly mortgage insurance, and rates that typically beat FHA.
You need a Certificate of Eligibility and must meet minimum service requirements. Surviving spouses of qualifying veterans may also be eligible.
The biggest gap is cost. VA borrowers skip monthly mortgage insurance entirely. On a $600,000 loan, that saves hundreds per month versus FHA.
FHA has stricter property condition rules but is easier to use on fixer-uppers than VA. VA appraisers flag more issues and can slow escrow.
If you served and you qualify for VA, use it. The monthly savings and zero-down benefit are hard to beat in Chino's price range.
FHA makes sense if you don't have VA eligibility or need more flexibility on the property condition. It's also a solid option if your credit needs work.
No. You pick one loan per purchase. VA is almost always the better call if you're eligible.
Not if you have full VA entitlement. Borrowers with full entitlement can go above conforming limits with no down payment.
FHA and VA close in similar timeframes. VA appraisals can occasionally add days if the property has condition issues.
No. Veterans with a service-connected disability rating are exempt. Check your status before assuming you owe it.
Yes, if you gain VA eligibility. SRK CAPITAL can run the numbers on whether a switch makes sense for your situation.