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in Fairfield, CA
Both FHA and VA loans help Fairfield buyers with limited savings get into homes. The right choice depends entirely on your military status and how much cash you can put down.
FHA loans work for anyone who qualifies. VA loans require military service but offer terms that FHA simply can't match. Most active-duty buyers at Travis AFB choose VA without hesitation.
FHA loans require just 3.5% down with credit scores as low as 580. That's $14,000 down on a $400,000 Fairfield home. You'll pay mortgage insurance for the loan's life unless you refinance later.
These loans accept higher debt ratios than conventional mortgages. Sellers know FHA financing closes reliably. The catch is that upfront and monthly mortgage insurance premiums add to your costs permanently.
VA loans require zero down payment for eligible veterans and active-duty service members. You need a Certificate of Eligibility from the Department of Veterans Affairs. Travis AFB personnel use this program constantly.
No monthly mortgage insurance ever. Just a one-time funding fee that ranges from 1.4% to 3.6% depending on down payment and prior use. You can roll this fee into the loan amount instead of paying cash.
Down payment separates these programs first. FHA needs 3.5% minimum while VA allows zero. On a $400,000 Fairfield home, that's $14,000 versus nothing out of pocket.
Monthly costs differ dramatically. FHA charges 0.55% to 0.85% annual mortgage insurance premium. VA has no monthly insurance. That's roughly $275 monthly on a $400,000 loan that VA borrowers simply don't pay.
If you're military-eligible, VA wins on every financial measure. Lower lifetime costs, zero down, no mortgage insurance. Only choose FHA if you don't qualify for VA benefits or you've exhausted your VA entitlement.
Non-military buyers default to FHA when they can't meet conventional loan requirements. That 3.5% down payment opens homeownership years earlier than saving 20%. The mortgage insurance cost is the price you pay for that access.
Yes, active-duty service members can use VA loans anywhere. Travis AFB personnel buy throughout Solano County with zero down payment.
VA loans typically price 0.25% to 0.50% lower than FHA. Both programs offer competitive rates compared to conventional financing.
Yes if you receive VA disability compensation. Otherwise the fee applies but can be financed into the loan amount.
Both accept credit scores around 580-620. VA allows higher debt ratios, but FHA doesn't require military service documentation.
Yes, your loan choice isn't restricted by past VA usage. You can use FHA financing anytime you qualify regardless of military status.