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FHA & VA Mortgage Loans

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Government mortgage loan options

The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government mortgage loans that have features (such as low down payment options and flexible credit and income guidelines) that may make them easier for first-time homebuyers to obtain.

 

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FHA mortgage loan features

  • Low down payment
  • Fixed-rate loans available
  • Maximum loan amounts vary by county

VA mortgage loan features

  • Up to 100% financing—with as little as $0 down payment for qualified borrowers
  • Fixed-rate loans available
  • More flexible qualification guidelines than those for conventional loans

Other types of mortgages

Fixed-rate mortgages

  • Your interest rate remains the same for the entire loan term

  • Your monthly payment of principal and interest does not change during the loan term

Adjustable-rate mortgages (ARMs)

  • Interest rate may change periodically during the loan term

  • Your monthly payment may increase or decrease based on interest rate changes

Jumbo Loans

  • For anyone needing to borrow more than $417,000

  • Available for primary residences, second or vacation homes and investment properties

Affordable Loan Solution™ mortgage

  • Down payments as low as 3%

  • For low- and moderate-income borrowers (homebuyer education may be required)

Resources and tools

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FHA & VA loan basics

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