Loading
in Suisun City, CA
Both FHA and VA loans help Suisun City buyers with flexible qualification standards and low money down. The right choice depends on your military service status and how much cash you have available.
FHA works for any qualified borrower with 3.5% down and 580 credit. VA requires military service but eliminates the down payment completely and drops mortgage insurance.
FHA loans require 3.5% down with 580 credit, or 10% down if your score sits between 500-579. You'll pay an upfront mortgage insurance premium of 1.75% plus monthly premiums for the loan's life.
FHA allows debt ratios up to 57% in most cases. Sellers can contribute 6% toward closing costs, which helps stretch your cash further in Suisun City's competitive market.
VA loans require zero down payment for eligible veterans and active-duty service members. You'll pay a one-time funding fee between 1.4% and 3.6% based on service type and down payment, but no monthly mortgage insurance.
VA doesn't enforce a minimum credit score, though most lenders want 620 or higher. The program caps what sellers can charge you for closing costs and limits loan fees.
VA eliminates monthly mortgage insurance entirely, saving veterans $200-300 monthly on typical Suisun City purchases. FHA charges both upfront and monthly insurance that stays with the loan.
Down payment separates these programs most. VA requires nothing down for eligible buyers, while FHA needs 3.5% minimum. On a $450,000 Suisun City home, that's $0 versus $15,750.
Use VA if you're eligible—it beats FHA on every cost metric. Lower rates, no monthly insurance, and zero down payment make VA unbeatable for military-connected buyers in Suisun City.
Choose FHA if you don't qualify for VA benefits or need higher seller concessions. FHA works for first-time buyers with limited savings who don't have military service history.
Both programs allow condos if the complex appears on the VA or FHA approved list. Your lender verifies this during the approval process.
VA typically offers rates 0.25-0.50% lower than FHA due to zero default risk for lenders. Rates vary by borrower profile and market conditions.
Yes, both FHA and VA allow up to four units if you occupy one unit as your primary residence. Same down payment requirements apply.
Veterans with service-connected disabilities and surviving spouses of those who died in service receive complete funding fee exemptions. Most others pay the standard fee.
FHA insurance stays for the loan's full term with 3.5% down. You must refinance to conventional later to eliminate it.