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What about the
FHA and conventional loan programs?

For some Veterans, FHA or conventional programs are the answer to homeownership. We'll help you understand your options.

What are the advantages
of an FHA loan?

Learn why some military borrowers choose the FHA loan program over others.

What are the differences between VA and FHA loans?

Here’s a quick overview on the basic differences between these two government-backed loan programs.

Other commonly asked questions

Have a look at some of our customers' most frequently asked questions about other loan programs.

How do I know if FHA or conventional is right for me?
How do I know if FHA or conventional is right for me?

Your unique circumstances will determine which loan program is right for you. If you’ve earned home loan benefits through military service, and you have enough entitlement to back the loan amount you’re looking for, we almost always recommend the VA route. However, there are definitely some reasons for going with FHA or conventional loans.

Choosing your loan isn’t the kind of thing we’d expect you to do on your own. Your personal loan officer can help you crunch the numbers and figure out which program is most cost effective for you.

What's the Difference between VA and FHA Loans?
What's the Difference between VA and FHA Loans?

Both programs have competitive interest rates and a streamline refinancing option. Neither has a prepayment penalty. Both VA and FHA loan programs require owner occupancy.

VA loans typically have:

  • Availability to eligible U.S. Veterans, service members and surviving spouses
  • No down payment possible within loan limits
  • No monthly mortgage insurance premium (PMI)
  • VA funding fee which can be paid up front or rolled into the loan

FHA loans typically have:

  • Availability to U.S. Citizens 18 and over
  • Minimum 3.5% down payment
  • Monthly mortgage insurance premiums
  • Upfront mortgage insurance premium which can be rolled into the loan

Top FHA mortgage FAQs

Q: How do I know whether to use FHA, conventional or VA programs? 

A: This is personal. It depends on your own set of circumstances, like whether you have VA eligibility with enough entitlement to back a VA loan. Depending on your circumstances, look to FHA or conventional for alternatives. Both programs offer borrowers unique features that can help them achieve the dream of homeownership. 

Q: Am I eligible for this kind of government-backed mortgage?

A: You may have heard that FHA loans are only for first-time homebuyers. Or that they're only for low-income families. Those are myths. You may be eligible if you live and work legally the United States of America. To prove it, you can show us current utility statements in your name and a valid driver’s license and social security number. Additional proof may be needed.  

Q: How hard is it to get approved?

A: FHA qualifying is fairly straightforward. Since the government backs a portion of these home mortgages, approved lenders have the backing they need to offer more advantageous features than borrowers may be able to find in conventional programs. Less complicated qualifying and low down payments are just some of these benefits. So many borrowers find these loans to be more attainable than conventional loans.  

Q: How much will an FHA mortgage cost?

Like most mortgages, there are some costs involved with FHA loans.  The program only allows certain costs, and in some cases you can roll them right into your loan. Our FHA borrowers often tell us how much less money out of pocket is required compared to conventional loans.  Much of this can be attributed to the low down payment requirement.  Keep in mind that FHA loans have upfront and monthly mortgage insurance premiums.  

Get a quote

Whether you're ready to apply now, or simply looking to explore your options, this is the easiest way to get started. Our experienced lending professionals stand ready to listen and respond, with no obligation.

Call us at 800-217-1596
or submit the simple form below.