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in Mountain View, CA
Mountain View sits in one of the priciest housing markets in California. Choosing the right loan program here can mean tens of thousands of dollars in savings.
FHA and VA loans both carry government backing. But they serve very different borrowers with very different advantages.
FHA loans are insured by the Federal Housing Administration. They accept credit scores as low as 580 with 3.5% down.
Any buyer can apply — there's no military service requirement. That open eligibility makes FHA the go-to for first-time buyers in Santa Clara County.
VA loans are guaranteed by the Department of Veterans Affairs. Eligible veterans and active-duty members can buy with zero down.
No private mortgage insurance. Ever. In a high-cost area like Mountain View, that monthly savings adds up fast.
The biggest split is mortgage insurance. FHA charges an upfront premium of 1.75% plus monthly MIP. VA charges a one-time funding fee — no ongoing insurance.
VA rates typically run lower than FHA rates. Rates vary by borrower profile and market conditions. But VA's no-MIP structure is often the larger financial advantage in Mountain View's price range.
If you served, use your VA benefit. It's almost always the stronger financial choice — especially in a high-cost market like Mountain View.
If you haven't served, FHA gives you a low-down-payment path into Santa Clara County real estate. Just plan for mortgage insurance in your monthly budget.
No — you pick one program per loan. If you're VA-eligible, you can't combine both on a single purchase.
VA removed loan limits for borrowers with full entitlement. Your lender's guidelines and your income still cap what you can borrow.
For most FHA loans with less than 10% down, MIP stays for the life of the loan. Refinancing into conventional later can remove it.
VA loans require a VA appraisal, which can add time. FHA appraisals have their own requirements. Neither is consistently faster.
Funding fees vary by down payment, service type, and whether it's a first use. Your Certificate of Eligibility determines your exact fee.
Yes — but the condo project must be VA-approved. FHA has a similar approval requirement for condo purchases.