FHA Loan
Government-insured mortgage with low down payment (3.5%) and flexible credit (580+ FICO). Insured by HUD.
FHA loans are mortgages insured by the Federal Housing Administration, designed to expand homeownership for first-time and credit-challenged buyers. Minimum down payment is 3.5% with 580+ FICO; 10% with 500-579 FICO. Property must meet FHA appraisal standards (Minimum Property Requirements). Loans carry MIP for life (or 11 years with 10%+ down). FHA loans are assumable, which can be valuable when rates rise.
Related terms
MIP (Mortgage Insurance Premium)
FHA's version of mortgage insurance. Includes both an upfront premium and an annual premium for the life of the loan if down < 10%.
VA Loan
Mortgage guaranteed by the Department of Veterans Affairs for eligible veterans and active-duty service members. Zero down, no monthly mortgage insurance.
Conventional Loan
Mortgage not insured or guaranteed by the federal government. The standard mortgage product, sold to Fannie Mae or Freddie Mac.
Ready to get a rate?
Compare live mortgage rates from hundreds of lenders, no signup required.
Get instant pricing