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Government-backed mortgages are not interchangeable. Each program serves a different purpose and has its own eligibility, occupancy, property, insurance or guaranty-fee rules.
FHA-insured financing may help eligible first-time or repeat buyers with a smaller down payment, limited credit depth or a credit profile that does not fit a conventional program. The borrower, primary-residence occupancy and property must qualify, and upfront and annual mortgage-insurance premiums generally apply.
VA-backed financing may permit an eligible Veteran, service member or surviving spouse to purchase a primary residence without a down payment or monthly private mortgage insurance. A Certificate of Eligibility establishes the benefit, while a lender still reviews credit, income, debts, occupancy and the property. A funding fee may apply unless the borrower is exempt.
USDA-guaranteed financing may offer an eligible household a no-down-payment purchase option for a qualifying primary residence in an eligible rural area. Household income limits, repayment ability, property location and condition, guarantee fees and lender requirements apply.
Do not choose only by down payment. Compare the total monthly payment, mortgage insurance or guarantee fees, cash to close, seller-credit rules, property eligibility, appraisal requirements and how the program fits the borrower’s long-term plans.
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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