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in Ripon, CA
Both FHA and VA loans offer easier qualification than conventional mortgages, but they serve different groups. If you're military-affiliated, VA wins on cost and terms every time.
Ripon's housing market sits in the mid-range for San Joaquin County, making both programs viable for entry-level and move-up buyers. The right choice depends on your service history and savings.
FHA loans require just 3.5% down with a 580 credit score, making them the go-to for first-time buyers in Ripon. You'll pay upfront mortgage insurance of 1.75% plus annual premiums of 0.55% to 0.85%.
These loans accept debt-to-income ratios up to 50% in many cases. Manual underwriting helps borrowers with spotty credit get approved when conventional lenders say no.
VA loans eliminate the down payment entirely for eligible veterans and active-duty service members. You'll pay a funding fee of 2.3% for first use, but no monthly mortgage insurance ever.
VA allows 100% financing up to $766,550 in San Joaquin County without requiring private mortgage insurance. Sellers can pay all your closing costs, making this the cheapest path to homeownership for qualified borrowers.
The biggest split is cost. VA eliminates mortgage insurance, saving you $150 to $300 monthly on a typical Ripon home compared to FHA.
FHA is available to anyone meeting credit and income standards. VA requires military service but delivers better rates and terms across the board. Appraisals are stricter with VA, which can complicate deals on fixer-uppers.
If you qualify for VA, use it. The no-down-payment and no-mortgage-insurance combo beats FHA on every financial metric.
FHA makes sense when you're not military-affiliated or when VA appraisal requirements kill a deal on a property needing work. For Ripon's newer tract homes, VA wins. For older properties needing updates, FHA offers more flexibility.
No, you must choose one. VA always offers better terms if you're eligible, so there's no reason to use FHA when VA is available.
VA rates typically run 0.25% to 0.50% lower than FHA. Rates vary by borrower profile and market conditions.
Yes, but the condo complex must be approved by FHA or VA. We check approval status before you make an offer.
FHA requires 580 for 3.5% down. VA has no minimum, but most lenders want 620 or higher for approval.
Yes, if you're receiving VA disability compensation. Otherwise, the fee applies but can be financed into your loan amount.