Question 1

Can I use FHA or VA for homes over $1.15M in Portola Valley?

Accepted Answer

Not at full value. Both programs cap at $1,149,825 in San Mateo County. You'd need conventional or jumbo financing for higher amounts.

Question 2

Does VA really have no down payment requirement?

Accepted Answer

Correct for loans up to $1,149,825. Above that limit, VA requires 25% down on the amount exceeding the cap.

Question 3

Which program has lower monthly payments?

Accepted Answer

VA costs less monthly due to zero mortgage insurance. FHA adds $400-600/month in premiums that never drop off.

Question 4

Can I refinance from FHA to VA later?

Accepted Answer

Yes, through a VA refinance if you're eligible. This eliminates FHA mortgage insurance and often lowers your monthly payment significantly.

Question 5

Do both programs allow the same credit scores?

Accepted Answer

FHA officially accepts 580+. VA has no set minimum, but most lenders want 620+ for approval.

Question 6

Which program closes faster in Portola Valley?

Accepted Answer

Timelines are similar, typically 30-45 days. VA appraisals sometimes take longer due to stricter property standards.

FHA vs VA Loans in Portola Valley: Which Government Loan Fits Your Situation?