FHA Loan

Available in a variety of fixed-rate and adjustable-rate loan options.
Has down payment options as low as 3.5%.
May allow you to use a gift or grant for all or a portion of the down payment or closing costs.
Lets you add extra features such as a temporary buydown.
You typically have to pay upfront and monthly FHA mortgage insurance premiums.

Requires less cash upfront for your down payment and closing costs.
Available for all income levels.
Allows a new buyer to take over the loan if you sell your home (subject to loan approval).
Allows a co-applicant to help you qualify even if the person doesn’t live in the home.

An FHA loan has the benefit of a low down payment but there are other loan products with the same option.
Be certain to ask your home mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance.
You can typically only have one FHA mortgage at a time.
In many instances, you may find an FHA loan to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.

VA Loan

Provides financing for qualified veterans, reservists, active duty personnel, or eligible family members.
Available in a variety of fixed-rate and adjustable-rate loan options.
Allows closing costs to come from a gift or grant.
Has low-and-no-down payment options
Lets you add extra features such as a temporary buydown.

Provides a wide range of rate, term, and cost options.
Doesn’t require monthly mortgage insurance.
Provides the potential for minimal out-of-pocket expenses with seller contributions.

With a VA loan, you typically have to pay a one-time VA funding fee that can be financed into the loan amount.
You can get financing for your primary residence only.

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