Three U.S. loan programs, three very different cost structures.
FHA loans (HUD-insured) allow low credit scores and 3.5% down but carry mortgage insurance premiums. VA loans (Department of Veterans Affairs) allow zero down with no monthly mortgage insurance for eligible service members. Conventional loans drop PMI once you reach 20% equity.
HUD-insured loan with 3.5% minimum down and flexible credit requirements.
Typical user: Buyer who cannot yet qualify conventionally.
Open FHA LoanZero-down loan for eligible veterans, service members and surviving spouses.
Typical user: Service-connected buyer with VA entitlement.
Open VA LoanEligible for VA? It is almost always cheapest. Otherwise compare FHA against conventional with PMI — conventional usually wins above roughly a 680 score and 5% down.
Estimate monthly mortgage payments, interest and amortization.
Monthly Private Mortgage Insurance based on LTV.
Home price you can afford based on income and DTI.
US home purchase closing costs — 2-5% of price.