Question 1

Can I use a VA loan to buy in Milpitas with no money down?

Accepted Answer

Yes. Eligible veterans can purchase with zero down payment. You'll pay a VA funding fee, which can be rolled into the loan.

Question 2

Does FHA or VA have better interest rates?

Accepted Answer

VA loans typically carry lower rates than FHA. Rates vary by borrower profile and market conditions, so compare both before deciding.

Question 3

Do both loans work for Santa Clara County's high prices?

Accepted Answer

Yes. Santa Clara County has high conforming loan limits for both FHA and VA, making both programs viable in Milpitas.

Question 4

Can I avoid mortgage insurance with an FHA loan?

Accepted Answer

No. FHA requires mortgage insurance for the life of the loan in most cases. VA has no monthly mortgage insurance at all.

Question 5

What credit score do I need for each loan?

Accepted Answer

FHA allows scores as low as 580 with 3.5% down. VA has no official minimum, but most lenders want at least a 620.

Question 6

Which loan closes faster in a competitive market?

Accepted Answer

Both can close quickly with an experienced broker. VA appraisals can take longer — plan ahead in a fast-moving Milpitas market.

FHA vs VA Loans in Milpitas: Which One Fits You?