FHA (Federal Housing Administration) loans are designed for first-time and moderate-income homebuyers. They allow a low down payment (as little as 3.5%) and are more forgiving of credit challenges, making homeownership more accessible. FHA loans require mortgage insurance, which helps protect lenders and allows you to qualify with lower credit scores.
Conventional loans are traditional mortgages not insured by the government. They are ideal for borrowers with strong credit and stable income, offering options for low down payments (as low as 3–5%) or higher down payments to reduce mortgage insurance. Conventional loans are available in fixed-rate or adjustable-rate options and often provide the lowest long-term costs for qualified borrowers.
USDA (United States Department of Agriculture) loans help buyers in eligible rural and suburban areas achieve homeownership. These loans offer 100% financing, meaning no down payment is required, and provide competitive interest rates. USDA loans are a great option for buyers who meet income eligibility limits and want to live in rural or suburban communities.
VA (Veterans Affairs) loans are available to veterans, active-duty service members, and eligible spouses. These loans offer no down payment, no private mortgage insurance (PMI), and competitive interest rates. VA loans make homeownership accessible to those who have served, with flexible credit and income requirements.