What is the difference between FHA, VA and conventional loans?

VA loans are for veterans and service members and can mean $0 down. FHA loans take lower credit scores with 3.5% down. Conventional loans work best with higher credit.

VA: no down payment and no monthly mortgage insurance for those who qualify, with a one-time funding fee that many disabled veterans do not pay.

FHA: as little as 3.5% down from a 580 score, with mortgage insurance paid up front and monthly.

Conventional: some programs need as little as 3% down. Below 20% down you pay PMI, but it can come off later. USDA loans are a fourth kind, with $0 down in areas the USDA counts as rural.

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