Types of Home Loans

Conventional loans

Conventional loans are not backed by a government agency. They often allow down payments as low as 3–5% for qualified buyers, but typically require private mortgage insurance (PMI) until you reach 20% equity. They reward strong credit with better rates. Read the full conventional guide →

FHA loans

Insured by the Federal Housing Administration, FHA loans are popular with first-time buyers. They allow down payments as low as 3.5% with a credit score of 580+, but include both an upfront and an annual mortgage insurance premium (MIP). Read the full FHA guide →

VA loans

Guaranteed by the Department of Veterans Affairs for eligible veterans, active-duty service members, and certain surviving spouses. VA loans can offer 0% down and no monthly mortgage insurance, with a one-time funding fee in most cases. Read the full VA guide →

Quick comparison

Use these as a starting point and confirm specifics with a licensed loan officer:

• Conventional: 3–5% down · PMI under 20% equity · best for strong credit.
• FHA: 3.5% down · MIP required · flexible credit.
• VA: 0% down · no PMI · for eligible service members & veterans.