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in Lodi, CA
Both FHA and VA loans are government-backed. Both offer below-market rates and easier qualification than conventional loans.
The difference is who qualifies. VA is only for veterans and service members. FHA is open to almost any buyer.
FHA loans are insured by the Federal Housing Administration. Lenders take less risk, so they approve borrowers banks often turn away.
You need a 580 credit score for 3.5% down. Drop below 580 and you'll need 10% down. Every FHA loan carries mortgage insurance.
VA loans are guaranteed by the Department of Veterans Affairs. Eligible borrowers buy with zero down and no monthly mortgage insurance.
Most lenders want a 620 credit score. The VA doesn't set a minimum, but underwriters do. A one-time funding fee applies — unless you have a service-connected disability.
The biggest gap is mortgage insurance. VA has none. FHA charges an upfront premium plus a monthly fee that never goes away on most loans.
VA rates generally run lower than FHA rates. Over a 30-year loan in Lodi, that monthly difference adds up fast. Rates vary by borrower profile and market conditions.
If you served, use your VA benefit. It almost always beats FHA on monthly payment and total cost. There's no good reason to leave it on the table.
If you're a civilian buyer in Lodi with a 580-619 credit score, FHA is likely your strongest path. It's more forgiving than any conventional option at that credit level.
Yes. VA entitlement can be restored after you pay off a prior VA loan. Many veterans use it multiple times.
Both are similar in timeline. VA appraisals can take a few extra days. Neither should hold up a deal with a prepared borrower.
VA appraisers are thorough — they flag safety issues FHA might pass. Both require the home to be livable and structurally sound.
Yes, if the veteran died in service or from a service-connected disability. Eligibility rules apply — we verify this upfront.
Partially, if you refinance into another FHA loan within three years. Otherwise, no refund applies.
FHA allows 580 for 3.5% down. Most VA lenders want 620. A few VA lenders go lower — we know which ones.