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FHA, VA and Conventional Mortgage Loans

The above are the three broad categories of mortgage loans. FHA is the "Federal Housing Administration" and is a government sponsored mortgage program which typically caters to borrowers with low down payment and/or lower credit scores.  Click here for more information on FHA Home Loans.  VA is strictly for veterans of the armed forces or reserve, and does not require any down payment. These two groups account for somewhere less than 10% of all mortgage loans .

Conventional loans covers basically all other loans. The huge majority of borrowers will be getting a conventional loan, and this can mean a fixed rate, adjustable rate, balloon, et. al.