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in Rohnert Park, CA
Both FHA and VA loans help Rohnert Park buyers get into homes with less cash upfront than conventional mortgages require. The main difference: VA loans are exclusive to military borrowers, while FHA loans work for anyone who qualifies.
If you're a veteran or active-duty service member, the VA loan typically wins on cost and flexibility. For civilian buyers, FHA remains the strongest low-down-payment option in Sonoma County.
FHA loans let you buy a Rohnert Park home with just 3.5% down if your credit score hits 580. You'll pay mortgage insurance for the life of the loan, which adds to your monthly payment.
Credit standards are forgiving—we see FHA approvals with recent bankruptcies and foreclosures that would disqualify conventional buyers. The program caps how much sellers can contribute to closing costs at 6% of the purchase price.
FHA loan limits in Sonoma County allow financing up to $766,550 for a single-family home in 2024. Rates vary by borrower profile and market conditions.
VA loans require zero down payment for eligible veterans and service members buying in Rohnert Park. You pay a one-time funding fee instead of monthly mortgage insurance, which saves money over the loan's life.
Credit requirements are flexible—most lenders approve VA borrowers at 620, but we've closed deals lower. The VA doesn't set a maximum loan amount, though lenders apply their own limits based on your income and debt.
You can use VA loans multiple times and finance 100% of eligible closing costs through seller concessions. Rates vary by borrower profile and market conditions but typically run lower than FHA.
The VA loan eliminates your down payment entirely, while FHA requires 3.5% minimum. On a $600,000 Rohnert Park home, that's $21,000 you don't need to save if you qualify for VA benefits.
Mortgage insurance costs differ sharply. FHA charges 0.55% annually on your loan balance for the loan's lifetime. VA charges a one-time 2.15% funding fee that you can roll into the loan—no monthly payment.
Property standards matter more with VA loans. VA appraisers flag repair issues that FHA appraisers might pass. Expect sellers in Rohnert Park to push back on VA offers if the home needs work.
If you're a veteran or active-duty military, use the VA loan. You'll save thousands on the down payment and eliminate monthly mortgage insurance. The funding fee is real money, but it beats FHA costs over time.
Choose FHA if you don't qualify for VA benefits and need a low down payment. It's the best government option for civilian buyers with credit scores between 580 and 680 or limited savings.
Some borrowers qualify for both but still pick FHA—usually when buying a fixer-upper that won't pass VA's property standards. We run the numbers both ways to show you the lifetime cost difference.
Yes, but the condo complex must be VA-approved. Many Sonoma County complexes aren't on the VA's approved list, which limits your options compared to FHA.
VA loans typically price 0.25% to 0.50% lower than FHA rates. That gap translates to meaningful savings on a 30-year loan.
Yes, through seller concessions. VA allows up to 4% of the price; FHA caps it at 6% of the purchase price.
Absolutely. We help military buyers refinance FHA loans to VA loans to eliminate mortgage insurance once their VA eligibility is established.
FHA usually closes quicker. VA appraisals take longer and require more property inspections, adding 5-10 days to the timeline.