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in Burlingame, CA
Both FHA and VA loans offer government backing with easier qualification than conventional mortgages. The key difference: VA loans serve military members only, while FHA is available to anyone.
In Burlingame's competitive market, knowing which program gives you the strongest offer matters. VA loans eliminate down payments entirely, but FHA opens doors for buyers without military service.
FHA loans require just 3.5% down with a 580 credit score, or 10% down if your score sits between 500-579. You'll pay mortgage insurance for the life of the loan if you put down less than 10%.
These loans work well for first-time buyers in San Mateo County who lack military service. The government insurance lets lenders approve borrowers who wouldn't qualify for conventional financing.
VA loans require zero down payment and charge no monthly mortgage insurance. You pay a one-time funding fee that varies from 1.4% to 3.6% based on service type and down payment amount.
Credit requirements are flexible, though most lenders want 620 or higher. You must have qualifying military service, be an active-duty member, or be an eligible surviving spouse.
The biggest split is eligibility. VA loans beat FHA on terms but require military service. FHA accepts anyone who meets credit and income standards.
VA loans save more long-term because you avoid monthly mortgage insurance. FHA charges upfront insurance plus annual premiums that add $200-400 monthly on Burlingame purchase prices. Rates vary by borrower profile and market conditions, though both programs typically offer competitive pricing.
If you have military service credentials, VA loans deliver better terms. You eliminate the down payment and skip mortgage insurance entirely, saving thousands annually.
Choose FHA if you lack military service but need low down payment financing. The 3.5% down requirement beats conventional loans, and you can refinance out of mortgage insurance later if your equity reaches 20%.
Yes, both programs work throughout San Mateo County. Loan limits are high enough to cover most Burlingame properties, though luxury homes may exceed VA and FHA caps.
VA loans typically cost less monthly because they eliminate mortgage insurance. FHA adds insurance premiums that increase your payment by several hundred dollars.
Both programs require properties to meet safety and habitability standards. VA appraisals can be slightly more detailed, but most Burlingame homes pass both inspections.
Yes, if you gain military eligibility after buying with FHA. Many veterans start with FHA before realizing they qualify for VA refinancing.
Both take similar timeframes, usually 30-45 days. Sellers sometimes prefer VA because they know the buyer has zero down payment approval already secured.