Loading
in Loma Linda, CA
Loma Linda buyers often qualify for both FHA and VA loans. Choosing wrong costs you money every month.
Both are government-backed. Both have flexible credit standards. The differences come down to eligibility and long-term cost.
FHA loans are insured by the Federal Housing Administration. You need at least 3.5% down and a 580 credit score.
Drop below 580 but stay above 500? You can still qualify with 10% down. FHA is built for buyers who aren't perfect on paper.
VA loans are guaranteed by the Department of Veterans Affairs. Eligible veterans and active-duty members can buy with zero down.
No monthly mortgage insurance. Ever. That alone saves VA borrowers hundreds per month compared to FHA.
The biggest gap is mortgage insurance. FHA charges MIP upfront and monthly. VA charges a one-time funding fee — no monthly cost.
Rates vary by borrower profile and market conditions. VA rates tend to run lower than FHA. Over a 30-year loan, that gap adds up fast.
If you served and you qualify for VA, use it. The math almost always favors VA over FHA in Loma Linda.
If you're a civilian buyer or don't have full VA entitlement, FHA is a strong option. Low down, flexible credit — it gets deals done.
VA has no official minimum credit score, but most lenders want 580-620. SRK CAPITAL works with lenders who have flexible overlays.
On most FHA loans with less than 10% down, MIP stays for the life of the loan. Putting 10%+ down drops it after 11 years.
It's a one-time fee rolled into the loan. Most first-time VA users pay 2.15%. Some veterans with disabilities are exempt.
FHA limits are set by county. VA has no loan limit for borrowers with full entitlement — a major advantage for higher-priced homes.
You can refinance an FHA loan into a VA loan if you gain eligibility. It often lowers your rate and eliminates MIP.
Both can close in 30 days with an organized file. VA appraisals occasionally take longer due to MPR property requirements.