Government mortgage loan options

The Federal Housing Administration (FHA)Footnote 1 and the U.S. Department of Veterans Affairs (VA)Footnote 2 offer government mortgage loans that have features (such as low down payment options and flexible credit and income guidelines) that may make them easier for first-time homebuyers to obtain.

FHA mortgage loan features

  • Low down payment
  • Fixed-rate loans available
  • Maximum loan amounts vary by county

VA mortgage loan features

  • Up to 100% financing—with as little as $0 down payment for qualified borrowersFootnote 2
  • Fixed-rate loans available
  • More flexible qualification guidelines than those for conventional loans

Legal Disclosures and Information


  1. Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county.
  2. VA funding fee applies except as may be exempted by VA guidelines. The fee is higher with a zero down payment, and maximum loan limits vary by county. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable. Ask for details about eligibility, documentation and other requirements.
  3. Available for fixed-rate purchase loans with terms of 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at time of closing. Maximum purchase loan-to-value is 97% and maximum combined purchase loan-to-value is 103%. Homebuyer education may be required. Restrictions apply regarding co-borrowers. Maximum income and loan amount limits apply