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in Los Gatos, CA
Los Gatos sits in one of the most expensive zip codes in California. Your loan choice matters more here than almost anywhere else.
FHA and VA loans are both government-backed. But they serve very different borrowers — and the differences affect what you can buy.
FHA loans are insured by the Federal Housing Administration. You need at least 3.5% down and a 580 credit score to qualify at that tier.
FHA is the go-to for buyers with bruised credit or limited savings. You do pay mortgage insurance — both upfront and monthly — for the life of the loan.
VA loans are guaranteed by the Department of Veterans Affairs. Eligible veterans, active-duty service members, and surviving spouses can buy with zero down.
There's no monthly mortgage insurance on a VA loan. That saves hundreds per month at the loan sizes typical in Los Gatos.
The biggest gap: VA has no monthly mortgage insurance. On a large loan, FHA's MIP adds real cost every single month.
VA is restricted to those with qualifying military service. FHA is available to any buyer who meets income and credit standards.
If you have VA eligibility, use it. The savings on mortgage insurance alone make VA the stronger loan in a high-price market like Los Gatos.
No military service? FHA is your path to a low-down-payment purchase. Just factor MIP into your monthly budget from day one.
Yes, if you have qualifying military service and a Certificate of Eligibility. VA loan limits in Santa Clara County are high enough to be useful here.
On most FHA loans, MIP stays for the life of the loan. The only exit is refinancing into a conventional loan once you have enough equity.
VA loans typically carry lower rates than FHA. Rates vary by borrower profile and market conditions — we shop both across 200+ lenders.
It's a one-time fee charged by the VA, typically 2.15% for first-time use. It can be rolled into the loan, so no cash needed at closing.
Generally, no — you can only use one government-backed loan per primary residence purchase. Talk to us about your full picture.
FHA has more flexible credit guidelines. VA has no minimum credit score set by the VA itself, but most lenders require 620 or higher.