Loan Programs
FHA & VA Loans
Two of the most powerful government-backed mortgage programs available to California buyers — each designed for a different borrower.
FHA Loans
FHA loans are insured by the Federal Housing Administration and available to most buyers — not just first-timers. Because the federal government backs the loan, lenders can offer more flexible terms, making homeownership accessible to buyers who may not qualify for a conventional mortgage.
At a glance
- ✓3.5% down with 580+ credit score
- ✓10% down with 500–579 credit score
- ✓MIP: 1.75% upfront + monthly premium
- ✓Higher DTI tolerance — up to 57% in some cases
- ✓Primary residences only
- ✓Gift funds allowed for the entire down payment
Best for
First-time buyers, borrowers with credit scores between 580–680, those with limited savings for a down payment, and anyone who has had a credit event (bankruptcy, foreclosure) within the past few years. If your credit is strong and you can put 20% down, a conventional loan will typically be cheaper long-term due to FHA's ongoing mortgage insurance.
VA Loans
VA loans are guaranteed by the U.S. Department of Veterans Affairs and available to eligible veterans, active-duty service members, National Guard members, reservists, and surviving spouses. The VA guarantee allows lenders to offer exceptional terms — including zero down payment and no private mortgage insurance — that no other program can match.
At a glance
- ✓$0 down payment required
- ✓No private mortgage insurance (PMI)
- ✓No loan limit for full entitlement (post-2020)
- ✓VA funding fee: 1.25–3.3% (waived for disabled vets)
- ✓Rates typically below conventional
- ✓Primary residences only
- ✓Certificate of Eligibility (COE) required
Best for
Any eligible veteran or service member purchasing or refinancing a primary residence in California. The VA loan benefit is one of the most valuable in personal finance — zero down payment, no PMI, and competitive rates. If you've earned this benefit, using it is almost always the right move.
I'll help you obtain your Certificate of Eligibility and find the best VA lender for your California purchase or refinance.
Not sure which program fits your situation?
I'll compare FHA, VA, and conventional side-by-side based on your credit score, down payment, and eligibility — and show you the real monthly cost difference.