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in Colma, CA
Colma buyers often choose between FHA and VA loans when they need government backing. Both offer lower barriers to entry than conventional mortgages, but they serve different borrowers with distinct requirements.
FHA works for anyone who qualifies. VA requires military service but delivers unmatched benefits for those who've served.
FHA loans accept credit scores as low as 580 with 3.5% down. You'll pay mortgage insurance for the life of the loan unless you put down 10% or more, then it drops after 11 years.
San Mateo County's FHA limit is $1,249,125 for single-family homes. You can use this loan for purchases or refinances, and it works well for first-time buyers who don't have military service.
Upfront mortgage insurance costs 1.75% of the loan amount. Monthly premiums run 0.55% to 0.85% depending on your down payment and loan term.
VA loans require zero down payment and charge no monthly mortgage insurance. You pay a one-time funding fee instead, typically 2.15% for first-time use with zero down.
San Mateo County's VA limit is also $1,249,125. Eligible borrowers include veterans, active-duty service members, National Guard, reserves with qualifying service, and certain surviving spouses.
The funding fee drops to 1.25% if you put down 5% or more. Disabled veterans and Purple Heart recipients get the fee waived entirely.
Local decision guide
Use this comparison to weigh FHA Loans and VA Loans through local payment fit, eligibility, documentation, and timing before choosing a path in Colma.
Colma buyers often choose between FHA and VA loans when they need government backing. Both offer lower barriers to entry than conventional mortgages, but they serve different borrowers with distinct requirements.
FHA works for anyone who qualifies. VA requires military service but delivers unmatched benefits for those who've served.
FHA loans accept credit scores as low as 580 with 3.5% down. You'll pay mortgage insurance for the life of the loan unless you put down 10% or more, then it drops after 11 years.
VA beats FHA on cost for eligible borrowers. No down payment and no monthly insurance save thousands annually. FHA's ongoing mortgage insurance adds $400 to $700 monthly on a $600,000 loan.
FHA accepts lower credit scores more consistently. VA lenders typically want 620 or higher, though the VA itself sets no minimum. FHA goes to 580 routinely and sometimes to 500.
Both programs let you buy with little cash. FHA needs 3.5% plus closing costs. VA needs just closing costs, though you can roll the funding fee into the loan amount.
Use VA if you qualify. The cost savings from zero down and no mortgage insurance outweigh FHA in nearly every scenario. The only exception is if your credit won't meet lender overlays.
Choose FHA when you're not military-affiliated or your VA entitlement is tied up in another property. It's the strongest government option for civilian buyers who need flexible credit and low down payments.
Run the numbers on both before deciding. Some buyers qualify for VA but find better terms with FHA if they have weaker credit or limited service history.
No. You choose one per purchase. If you've used VA before, you might have remaining entitlement for a second VA loan depending on your previous loan amount.
Usually yes for monthly payments. FHA's mortgage insurance adds hundreds monthly. VA's funding fee is one-time and often rolled into the loan.
The VA sets no minimum score, but most lenders want 620 or higher. FHA typically goes lower, sometimes to 580 or even 500 with compensating factors.
Yes, but the condo complex must be approved by FHA or VA respectively. Many complexes have both approvals. Your broker checks the list before writing an offer.
Similar timelines. Both take 25 to 40 days typically. VA appraisals can add a few days since the appraiser must meet VA certification requirements.