Evaluate Loan Types FHA vs CONVENTIONAL vs USDA vs VA

Types of Loans  CONVENTIONAL VA FHA USDA 
Eligibility Requirements  Valid Social Security Number  Veteran or Active Duty Military Legal US Resident with Valid SS Number US Citizen or Permanent Alien
Credit Requirements Varies by Lender, most require 660 minimum Most Lenders require a 620 Credit Score and a clean 12 month credit history Most lenders require a 620 min. credit score and a clean 12 month credit history Most Lenders require a 660 minimum credit score
Down Payment Requirements 5-20% 0 3.50% 0
Additional Requirements/ Info 12-month work history required, lenders also examine assets. Honorable Discharge required, 2-year work history, VA Streamline refinance makes refinancing easy. 2-Year work history Required, Non-Occupying Co-Borrower Allowed. Property must be in rural area, No credit waiver necessary if score is > 620.
Is this Loan Right for You?  If you have great credit and money to put down, a conventional is a good way to go. For Veterans and Active Duty personnel, VA Loans are ideal as they offer low interest rates and no down payment. For 1st Time Home buyers, low down payment and relaxed credit guidelines, FHA is a great option. For Zero- Down, Rural housing, USDA is a great option.
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