Loan Comparison
FHA vs VA Loan
If you're a veteran or active-duty service member, understanding the difference between FHA and VA loans could save you thousands.
Side-by-Side Comparison
Key differences between FHA and VA loans at a glance.
| Feature | FHA Loan | VA Loan |
|---|---|---|
| Eligibility | Open to all borrowers | Veterans, active duty, eligible surviving spouses |
| Down Payment | 3.5% (580+ credit score) | 0% — no down payment required |
| Mortgage Insurance | Upfront MIP + monthly MIP (often for life of loan) | No monthly mortgage insurance |
| Funding Fee | Upfront MIP (1.75% of loan amount) | VA funding fee (varies; waived for some veterans) |
| Minimum Credit Score | 500–580 depending on down payment | No VA minimum; lenders typically require 580–620 |
| Loan Limits | Up to $498,257 (standard CA counties) | No loan limit for eligible full-entitlement borrowers |
| Property Types | Primary residence only (1–4 units) | Primary residence only |
| Appraisal Requirements | FHA appraisal with property condition review | VA appraisal with MPR (Minimum Property Requirements) |
Loan terms and requirements are subject to change. Contact Patron Mortgage for current program details.
When to Choose Each Loan
FHA
Consider an FHA Loan If…
- You don't have military service eligibility
- Your credit score is below 620
- You have limited down payment savings
- You're a first-time buyer with limited credit history
VA
Consider a VA Loan If…
- You are a veteran, active-duty service member, or eligible surviving spouse
- You want to buy with no down payment
- You want to avoid monthly mortgage insurance
- You want competitive rates without PMI
Frequently Asked Questions
More Loan Comparisons
Ready to Explore Your Options?
Patron Mortgage helps veterans and all California borrowers find the right loan program. Get a free, no-obligation consultation today.