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

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