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in Monte Sereno, CA
Monte Sereno sits in one of the priciest zip codes in Santa Clara County. The loan you choose matters as much as the rate.
FHA opens doors for buyers with limited savings. VA eliminates the down payment entirely — if you qualify.
FHA loans require as little as 3.5% down with a 580 credit score. Drop to 500 and you need 10% down.
Every FHA loan carries mortgage insurance — upfront and monthly. That cost adds up over time.
VA loans let eligible veterans buy with zero down. No monthly mortgage insurance ever.
There is a funding fee — typically 2.15% for first use. Disabled veterans are exempt from it.
The biggest gap is cost structure. VA saves you mortgage insurance every month. FHA charges it regardless of equity.
Credit standards differ too. VA has no official minimum score. Most VA lenders want 620. FHA is more forgiving at 580.
If you served and have your Certificate of Eligibility, VA wins in almost every scenario in Monte Sereno.
No military background? FHA is your low-down-payment path. Just factor in that MIP cost over your hold period.
Yes, if you have VA entitlement. High-cost county limits in Santa Clara may support the purchase price.
Yes. FHA sets county-level limits. Santa Clara County qualifies as high-cost, so limits are higher than national baseline.
VA typically wins. No mortgage insurance premium means a lower payment even if the rate is similar to FHA.
Not easily. FHA MIP stays for the loan life unless you put 10% down — then it drops after 11 years.
FHA allows 580 for 3.5% down. VA has no official minimum, but most lenders want at least 620.
Usually yes. The funding fee is a one-time cost. FHA MIP compounds monthly for years. VA wins long-term.