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Different Mortgage Loan Types Explained Quick Read - Conventional, FHA, USDA, and VA loans each carry different down payment minimums, credit requirements, and mortgage insurance costs that affect your total loan expense. - VA loans offer no down payment and no monthly PMI, but eligibility is limited to veterans, active-duty service members, and certain surviving spouses. - FHA borrowers who put down less than 10% pay mortgage insurance premiums for the entire life of the loan, unlike conventional PMI which can be removed. - Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now. The report is free. Enter your email and see if any of your stocks made the cut. Shopping for a house is complicated, especially when you start hearing terms like conventional, FHA, USDA, and VA. While all of these are types of mortgage loans, they have different requirements, costs, advantages, and details. The right mortgage for you can depend on a host of factors, like your credit score, income, and how much money you have for a down payment. Here are some of the most common mortgage loan types and descriptions of each. 1. Conventional Loans A conventional mortgage is a home loan that isn't insured or guaranteed by a federal government agency. It's one of the most common options and tends to work well for borrowers with good credit and stable finances. You don't need a 20% down payment to get one. Some conventional programs allow buyers to put down as little as 3%. If you put down less than 20%, you'll have to pay private mortgage insurance, often referred to as PMI. But one major advantage of a conventional loan is that PMI can be removed once you have enough equity in the house. Conventional loans can have stricter credit and financial requirements than government-backed loans. But for those who qualify, they can be an excellent choice. 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Because of this, they tend to have more flexible credit requirements than conventional loans. One advantage is that borrowers can put down as little as 3.5%. For those without a huge amount of cash on hand, that can make an FHA loan quite appealing. The downside is mortgage insurance. Like with conventional loans under the 20% down payment mark, FHA borrowers have to pay mortgage insurance premiums, or MIP. But it differs from conventional loans in one important way: for borrowers who put down less than 10%, the annual mortgage insurance lasts for the life of the loan. (Borrowers who put down at least 10% generally pay it for 11 years.) Additionally, FHA borrowers will have to pay both an upfront mortgage insurance premium and the annual premium that's divided over monthly payments. If you know you will refinance, this might not be much of a deterrent. But refinancing is never guaranteed. 3. USDA Loans USDA loans can be a solid option for people buying in eligible rural and some suburban areas. They're backed by the U.S. Department of Agriculture. One of their biggest advantages is being able to buy with no down payment. However, the qualifications for this loan are strict, and both the borrower and property have to meet the requirements. USDA loans have household income limits, which means income from certain adult household members can count toward eligibility whether or not they will be borrowers on the loan. And the home must be located in an eligible area. Borrowers also have to meet the program's credit, income, debt, and other requirements. USDA loans include an upfront guarantee fee and an annual fee, although the ability to buy with no down payment can still make them highly attractive. 4. VA Loans VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses. They're guaranteed by the U.S. Department of Veterans Affairs. A VA mortgage can have some of the best terms. Borrowers can buy a house with no down payment, and these loans don't require monthly private mortgage insurance. Interest rates can also be better than with other loans. There is usually a VA funding fee, although certain borrowers are exempt. Obviously, VA loans aren't available to the general public. Got $1,000? Before You Buy Another Stock, Read This If you have cash sitting in your account right now, give this two minutes. After more than two decades of helping investors beat the market, our top analysts at 24/7 Wall St. put together a definitive report on the Top 10 Stocks To Buy Today. They combed the entire market. It's not 10 ideas, not 10 stocks everyone is talking about, it's what their research point to as the 10 best stocks to buy right now, and it's free. Read more here and see which stocks made the cut -->> Contact [email protected] for any questions or corrections.