Question 1

Can I use FHA or VA for Woodside homes over $1.2 million?

Accepted Answer

You'll need a down payment on amounts exceeding $1,209,750 with either program. Many Woodside buyers use jumbo loans instead when prices climb higher.

Question 2

Does VA really have no monthly mortgage insurance?

Accepted Answer

Correct. VA charges a one-time funding fee but zero monthly insurance. FHA requires both upfront and annual premiums for most loans.

Question 3

Which loan gets better interest rates?

Accepted Answer

Rates are nearly identical and vary by borrower profile and market conditions. Neither program offers a structural rate advantage over the other.

Question 4

Will Woodside sellers reject FHA or VA offers?

Accepted Answer

VA offers compete well here. FHA faces more resistance due to strict appraisal requirements on older properties common in Woodside.

Question 5

Can I refinance from FHA to VA later?

Accepted Answer

Yes, if you gain VA eligibility or didn't use it initially. Most veterans refinance FHA to VA immediately when they discover the savings.

FHA vs VA Loans in Woodside: Which Government Program Fits Your San Mateo Home Purchase?