Quick Comparison
VA Loans
For veterans and military
0% Down Payment
100% financing available
No Monthly MI
Only one-time funding fee
Lower Rates
Typically 0.25-0.5% lower
Eligibility Required
Must be veteran or active military
Funding Fee
0.5-3.6% of loan amount
FHA Loans
For all qualified buyers
3.5% Down Payment
Lower than conventional
No Service Requirement
Available to all buyers
Flexible Credit
580+ credit score
Permanent MIP
Cannot be removed
Higher Costs
Both upfront and monthly MI
Frequently Asked Questions
Can I use a VA loan with no down payment?
Yes, VA loans offer 100% financing with no down payment required for eligible veterans and active military.
Which has lower mortgage insurance costs?
VA loans have a one-time funding fee (0.5-3.6%) but no monthly mortgage insurance. FHA requires both upfront (1.75%) and monthly MIP.
Can I use FHA if I'm a veteran?
Yes, veterans can use either loan type. VA loans typically offer better terms, but FHA may be easier if you have credit challenges.
Which is better for first-time buyers?
VA loans are better for eligible veterans. FHA is better for non-veterans or those who don't qualify for VA.
Ready to Choose?
Our experts will help you determine which loan is best for your situation.
Related Resources
Continue exploring these helpful resources related to your mortgage journey