VA Loans

FHA Loans

USDA Loans

Conventional Loans

Down Payment Required on Purchase

None

3.5% of the purchase price

$0 or 0% down payment

At least 5%, many lenders now require 10% of the purchase price

Maximum Loan Amount When Receiving Cash Back

Up to 100% of the
appraised value
Max: $625,000

Up to 85% of the
appraised value
Max: $729,500

Up to 100% of the
appraised value
Limits vary

Up to 80% of the
appraised value
Max: $417,000

Maximum Loan Amount When Changing Rate/Term

Up to 100% of the
appraised value

Up to 97% of the
appraised value

Up to 100% of the
appraised value

Up to 95% of the
appraised value

Monthly Mortgage Insurance

None

Required on most
transactions

None

Varies by lender
and program

Up Front Mortgage Insurance

None

2.25% of loan amount

None

None

Streamlined Rate Reduction

Yes

Yes

No

No

Eligibility

Must be a U.S. military veteran or current member of the armed forces. Spouses of deceased service members may qualify.

None

Must live in a rural area and cannot make more than 115% of the local median income.

None

Escrow Requirements

Required to escrow both
taxes and insurance

Required to escrow both
taxes and insurance

Required to escrow both
taxes and insurance

None

Interest Rates

Based on current
market conditions

Based on current
market conditions

Based on current
market conditions

Based on current
market conditions, credit history and loan terms

Credit Requirements

No delinquent payments for at least 1 year. Minimum credit score varies by lender
(usually 620)

No delinquent payments for at least 1 year. Minimum credit score varies by lender
(usually 620)

Vary by lender

Stricter than FHA, VA and USDA. Vary by lender and loan terms

Status of Residency

Owner must occupy
the home

Owner must occupy
the home

Owner must occupy
the home

Can be used for primary home, second home or investment property

Government Insured

Yes, by the Department of Veteran Affairs

Yes, by the Federal Housing Administration

Yes, by the United States Department of Agriculture

No