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in Poway, CA
Poway sits in a military corridor. MCAS Miramar and Camp Pendleton are close. That makes VA loans a real option for a large share of buyers here.
FHA is the fallback for everyone else — first-timers, buyers with thin credit, or anyone who can't put 20% down. Both programs serve different people.
FHA loans are insured by the Federal Housing Administration. Lenders take less risk, so they approve borrowers banks would normally turn away.
You need at least 3.5% down with a 580 credit score. Drop below 580 and you need 10% down. FHA also charges mortgage insurance — upfront and monthly.
VA loans are guaranteed by the Department of Veterans Affairs. No down payment. No monthly mortgage insurance. That combination is hard to beat.
You must earn VA eligibility through military service. Most active-duty, veterans, and surviving spouses qualify. Lenders still set credit standards — typically 620 minimum.
The biggest gap is cost. VA has no monthly mortgage insurance. FHA charges MIP — mortgage insurance premium — every month for the life of most loans.
VA has a one-time funding fee. FHA has an upfront MIP plus monthly MIP. Over 10 years, that monthly FHA insurance adds up to serious money on a Poway-priced home.
If you're eligible for VA, use it. The savings on insurance and the zero-down option almost always make it the stronger choice in San Diego County.
No VA eligibility? FHA is a solid path. It gets buyers into homes with less cash upfront and flexible credit standards. Just plan around the monthly insurance cost.
VA requires zero down, but you'll still need funds for closing costs. Sellers can cover those costs — it's negotiable.
VA rates typically run lower than FHA. Rates vary by borrower profile and market conditions.
FHA allows 580 for 3.5% down. Most VA lenders want 620 minimum, though guidelines vary.
Yes. If you qualify for VA, you still have the option to use FHA. We compare both before recommending one.
No monthly MIP with VA. There's a one-time funding fee, but no recurring insurance payment added to your bill.
Both programs have similar timelines. VA appraisals can take longer in competitive markets — plan for that.