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in Imperial Beach, CA
Imperial Beach buyers often choose between FHA and VA loans when minimizing down payment matters. The San Diego County median household income is $102,285, and both programs serve buyers in this range well.
FHA requires 3.5% down with a 580+ FICO. VA offers zero down for eligible veterans and active duty. Both work for primary residences priced near the 2026 county limit of $1,104,000.
FHA at 5.875% works for buyers with modest savings and a 740 FICO. On a $777,202 purchase with 3.5% down, the monthly P&I runs $4,437.
Mortgage insurance applies for the life of the loan when down payment is under 10%. The upfront mortgage insurance premium is 1.75% of the loan amount. You'll need documented income and two years of work history.
VA at 5.875% offers zero down for qualifying veterans and active duty. On a $750,000 purchase with nothing down, the monthly P&I is $4,437.
The funding fee of 2.15% replaces traditional mortgage insurance. VA loans require a Certificate of Eligibility but no minimum FICO. The funding fee exemption applies only to veterans with a 10% or higher VA disability rating.
FHA and VA both price at 5.875% in Imperial Beach. FHA requires 3.5% down while VA requires nothing. That down-payment gap stays in your bank account with VA if you're eligible.
Mortgage insurance versus funding fee is the second key split. FHA's mortgage insurance runs for the life of the loan above 90% LTV. VA's funding fee is a one-time cost that never recurs.
FHA fits Imperial Beach buyers without military service. You have solid credit and documented income. FHA's 3.5% down gets you into a home without waiting for larger savings.
VA is the right choice if you served in the military. Zero down means your savings stay intact for closing costs and reserves. The one-time funding fee costs less over time than FHA's lifetime mortgage insurance.
No. FHA requires only 3.5% down. Mortgage insurance applies for the life of the loan when down payment is under 10%. At 10% or more down, MIP cancels after 11 years.
Yes. Veterans with an honorable discharge qualify for VA loans. You need a Certificate of Eligibility from the VA. Surviving spouses also qualify.
At 5.875% on a $750,000 loan, both show $4,437 monthly P&I. FHA requires 3.5% down; VA requires zero down. The real difference is insurance: FHA's recurring MIP versus VA's one-time funding fee.
No. The VA funding fee is a one-time cost rolled into your loan. It does not refund if you sell or refinance. However, it never recurs on future VA loans.
VA wins if you're eligible. Zero down preserves your savings for closing and reserves. FHA uses part of your savings for down payment, leaving less cushion.