Government-insured home loans have special features and requirements that can make them a good fit for certain homebuyers.
FHA Loans
FHA loans (backed by the Federal Housing Administration) are designed for low-to-moderate income homebuyers. In comparison to many conventional loans, they require a lower minimum down payment and a lower credit score.
VA Loans
VA loans are backed by the Department of Veterans Affairs and are specifically designed for select members of the military and their beneficiaries. No down payment is required for VA loans.
USDA Loans
USDA loans are insured by U.S. Department of Agriculture. These loans can assist low-to-moderate income homebuyers in purchasing a home in an eligible rural area. Like VA loans, they do not require a down payment and are more flexible when it comes to credit score requirements.