Conventional mortgages
Conventional loans are not insured by FHA or guaranteed by VA or USDA. Down-payment options, credit requirements, mortgage insurance, and pricing vary by product and lender. Borrowers putting less than 20% down commonly pay private mortgage insurance, subject to the loan's terms and applicable rules.
FHA-insured mortgages
FHA-insured loans are designed to expand access for eligible borrowers. HUD guidance includes a 3.5% minimum required investment for borrowers meeting applicable credit and underwriting conditions; other borrowers may face different requirements. FHA mortgage insurance premiums and loan limits affect total cost, so compare the full payment and duration of insurance.
VA-backed mortgages
VA-backed purchase loans may offer eligible service members, veterans, and certain surviving spouses the ability to buy with no down payment, subject to entitlement, lender approval, appraisal, and other requirements. A VA funding fee may apply unless the borrower is exempt. Check current VA rules and your Certificate of Eligibility.
USDA guaranteed loans
USDA's Single Family Housing Guaranteed Loan Program may offer eligible households a no-down-payment option for qualifying properties in eligible rural areas, subject to household income, repayment ability, property, and lender rules. Check the official eligibility map and current program guidance.
Compare total cost, not labels
Request Loan Estimates for the same home price and approximate closing date. Compare rate, APR, points, lender fees, upfront mortgage insurance or funding fees, monthly insurance, cash to close, and the expected cost if you sell or refinance.
Useful tools and related guides
Frequently asked questions
Which mortgage program has the lowest down payment?
It depends on eligibility. VA and USDA may offer no-down-payment options to eligible borrowers; FHA and some conventional programs may allow low down payments. Program rules and lender overlays apply.
Is FHA always easier to qualify for than conventional?
Not always. Eligibility depends on the borrower, property, lender, loan limits, and underwriting. Compare actual written offers rather than assuming one program is automatically easier or cheaper.
Can I compare FHA and conventional using the same calculator?
Yes, for an initial payment estimate, but enter program-specific mortgage insurance, fees, down payment, rate, and term. Confirm the actual terms in a lender's Loan Estimate.
Official resources
Use these primary sources to confirm current program rules and disclosures. Loan terms and eligibility can vary.
This page is general educational information, not a mortgage offer, legal advice, tax advice, or a commitment to lend. Program requirements, lender overlays, rates, fees, and local taxes can change. Confirm details with the relevant agency, local authority, and licensed mortgage professional.