FHA, VA and Conventional Loans
Which mortgage program fits your situation? There isn't one mortgage program that works for every buyer. FHA, VA, and Conventional loans each have different requirements, benefits, and mortgage insurance structures.
Conventional Loans
Typically offer flexible down payment options and may be available with as little as 3% down for qualifying borrowers. Private mortgage insurance may apply when the loan-to-value ratio is above certain thresholds.
FHA Loans
FHA financing can offer lower down payment requirements and more flexible qualifying guidelines. FHA mortgage insurance generally includes both an upfront mortgage insurance premium and an annual premium.
VA Loans
Eligible veterans, active-duty service members, and certain surviving spouses may qualify for VA financing. VA loans can offer options such as no down payment and no monthly mortgage insurance, subject to program requirements. A VA funding fee may apply.
Why Does It Matter?
The best loan structure depends on more than just the minimum down payment. Credit, income, assets, property type, eligibility, and long-term financial goals all matter.
Compare the complete loan structure—not just the down payment—to determine which option fits your situation.
This information is provided for general educational purposes only and is not a commitment to lend, an offer of credit, or individualized financial advice. Loan programs, eligibility requirements, interest rates, terms, fees, mortgage insurance, and guidelines are subject to change and may vary by borrower, property, lender, and loan program. All loans are subject to applicable underwriting, credit, income, asset, and property requirements.