Loan Options

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The home buying process can be confusing, but...

A VAMortgage.com Agent can help determine your best options and explain what comes next. Call us at 1-888-775-1585 or Contact us online!

Loan Type Options

Loan Type Down Payment Appraisal Occupancy Type Qualifying Loan Purpose
VA No Down Payment Required Primary Residence Only More Lenient Purchase and Refi
Conventional Higher Primary Residence
Investment
Secondary Residence
Stricter Purchase and Refi
FHA Lower Primary Residence Only More Lenient Purchase and Refi
USDA – RHS No Down Payment Required Primary Residence Only Most Lenient Ratios Purchase Only

VA Loans

VA loans are guaranteed by the U.S. Department of Veterans Affairs and allow veterans and service personnel to obtain home loans with favorable loan terms and minimal down payment.

Conventional Loans

A conventional mortgage loan is a home loan that is not insured or guaranteed by a government agency.

FHA Loans

The Federal Housing Administration assists homebuyers by offering products that require lower down payments than traditional conventional loans (as low as 3.5%). For this benefit the borrower pays an upfront mortgage insurance premium, plus a monthly premium that is included with the payment.

Rural Housing Service (RHS) Loans

The Rural Housing Service (RHS), which is part of the U.S. Department of Agriculture, guarantees loans to rural residents with no down payment. Only low- and moderate- income rural residents are eligible for these loans.