Question 1

Can I use FHA or VA for a $2 million home in Los Altos Hills?

Accepted Answer

VA yes if you have full entitlement. FHA caps at $1,149,825 in Santa Clara County, so you'd need a jumbo loan for anything above that.

Question 2

Which loan has lower monthly payments?

Accepted Answer

VA wins because it has no mortgage insurance and typically lower rates. On a $1 million loan, expect $200-$300 less monthly versus FHA.

Question 3

Do both loans allow the same credit scores?

Accepted Answer

FHA requires 580 for 3.5% down. VA has no official minimum, but most lenders want 620+ for approval.

Question 4

Can I refinance from FHA to VA later?

Accepted Answer

Yes, if you're eligible. Many borrowers do this to drop FHA mortgage insurance once they qualify for VA benefits.

Question 5

Which loan closes faster?

Accepted Answer

FHA typically closes in 30-35 days. VA adds appraisal requirements that can push timelines to 40-45 days in competitive markets.

FHA vs VA Loans in Los Altos Hills: Which Government Loan Fits Your Budget?