Government Loans

FHA and VA mortgages

The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government-insuredmortgage loans. These loans have features that make them easier for first-time home buyers to obtain. These features include:

  • low down payment requirements
  • flexible credit and income guidelines

FHA mortgage features

  • Low down payment
  • Fixed- and adjustable-rate loans available
  • Insurance from the federal government replaces private mortgage insurance (PMI)
  • Maximum loan amounts vary by county

FHA Limits by

VA mortgage features

  • No down payment loans up to a certain amount for qualified veterans
  • Fixed- and adjustable-rate loans available
  • More flexible qualification guidelines than those for conventional loans