Government (FHA and VA) Mortgage Loan Options

Government mortgages include FHA (Federal Housing Administration) loans which are administered by the U.S. Department of Housing and Urban Development (HUD), and VA loans which are guaranteed by the Veterans Administration.

FHA loan—Federal Housing Administration
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). Since FHA loans offer more flexible down payment requirements, lower income qualifications, and smaller closing cost contributions, they may be a good option the first-time home buyer.

  • Primary residence only
  • Purchase or refinance
  • More flexibility credit and income guidelines
  • 15- or 30-year fixed rate mortgages
  • Allows a co-applicant to help you qualify even if the person  won’t live in the home
  • May be Ideal for  buyers seeking a low down payment or those with lower credit scores

VA Home Loans
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs. It provides financing options for qualified veterans, reservists, active-duty personnel, or their eligible family members.

  • Available for the purchase of a new home or the refinance of a mortgage from another lender
  • More flexible qualification guidelines than those for conventional loans
  • Provides a wide range of rate, term, and cost options
  • Up to 100% financing—with as little as zero down payment for qualified borrowers
  • No monthly mortgage insurance required
  • Seller contributions are allowed and can limit out-of-pocket expenses

To learn more about Mortgages, see our Piggy-Back Mortgages and Fixed vs Adjustable-Rate Mortgage pages.