Compare Conventional, FHA, VA, and Jumbo loans side by side for your scenario
Conventional, FHA, VA, and jumbo loans each serve different borrowers — and the best choice depends on your credit score, down payment, military status, and purchase price. VA loans offer zero down with no mortgage insurance for veterans. FHA loans accept 3.5% down with credit scores as low as 580. Conventional loans avoid upfront fees and allow PMI cancellation. Jumbo loans cover homes above $1,209,750 in California. This tool calculates the exact monthly payment, total cost, and qualification requirements for each program based on your inputs.
The right loan program depends on your financial profile. If you are a veteran or active-duty service member, VA loans almost always win on total cost — zero down, no PMI, and the lowest rates. For non-veterans with 700+ credit and 5%+ down, conventional loans typically beat FHA because PMI cancels at 20% equity (FHA mortgage insurance is permanent). For buyers with credit challenges below 680 or minimal savings, FHA offers the most accessible path. If your target home exceeds the $1,209,750 conforming limit in California, jumbo loans are your only option. The comparison table below calculates all four side-by-side for your exact price and credit score.
| Feature | Conventional | FHA | VA | Jumbo |
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A licensed broker can compare all options for your exact situation — free, no obligation.
VA loans typically have the lowest monthly payment because they require zero down payment and no monthly mortgage insurance. For non-veterans, the lowest payment depends on your down payment and credit score. FHA loans have lower base payments but add monthly mortgage insurance for the life of the loan.
For buyers with credit scores above 700 and at least 5% down, conventional is usually better — lower total cost and PMI that cancels at 20% equity. For scores below 680 or with less than 5% saved, FHA is often the only option. A licensed broker can run both scenarios to determine which saves more over your expected ownership period.
The conforming loan limit for all California counties is $1,209,750 for single-family homes in 2025. Loans above this amount require jumbo financing with stricter qualification requirements and typically higher down payments.
Yes. Many California homeowners start with FHA and refinance to conventional once they reach 20% equity and have improved their credit score. This eliminates the FHA monthly mortgage insurance premium, which can save $200-$500 per month depending on your loan amount.
Last updated: July 2026. Sources: Federal Housing Finance Agency (FHFA) 2025 conforming loan limits. U.S. Department of Housing and Urban Development (HUD) FHA Mortgage Insurance guidelines. U.S. Department of Veterans Affairs VA Home Loan program. CalHFA down payment assistance program rules. California county property tax rates per county assessor offices. Calculations are estimates for educational purposes only.
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Mortgage Guide California is an independent educational publisher. All mortgage services, rate quotes, and loan applications are handled by Save Financial, Inc. (NMLS #377740, DRE #01875766), a California-licensed mortgage broker. Equal Housing Lender. All loans subject to credit approval.