Which mortgage type is right for me?
Most homebuyers in the United States choose between a Conventional loan, an FHA loan, and a VA loan. Choose a Conventional loan if you have steady income, fair-to-good credit, and a documented down payment. Choose an FHA loan if your credit is lower or your down payment is smaller and the home will be your primary residence. Choose a VA loan if you are an eligible veteran, active-duty service member, qualifying National Guard or Reserve member, or eligible surviving spouse — VA loans typically have no down payment requirement and no private mortgage insurance. Mortgage Go originates all three through licensed loan officers in the states where each officer is individually licensed.
Side-by-side comparison
| Conventional Loan | FHA Loan | VA Loan | |
|---|---|---|---|
| Best for | Steady income, fair-to-good credit, documented down payment. | First-time buyers, lower credit, smaller down payment. | Eligible veterans and active-duty service members. |
| Down payment | Pending compliance | Pending compliance | Typically none required |
| Mortgage insurance | Required under 20% equity; drops off. | Upfront + annual; often lasts the life of the loan. | None |
| Government backing | No | Insured by FHA | Guaranteed by VA |
| Property type | Primary, second home, investment | Primary residence only | Primary residence only |
| Loan terms | 10 / 15 / 20 / 30 years | 15 or 30 years | 15 or 30 years |
| Eligibility gate | Credit, income, asset, property approval | Credit, income, asset, property approval | VA Certificate of Eligibility required |
Specific minimums, scores, and rates are pending compliance sign-off.
Common questions
Is a conventional loan better than an FHA loan?+
Neither is universally better. A conventional loan typically costs less over time when you have a higher credit score and a larger down payment, because you can avoid permanent mortgage insurance. An FHA loan is usually the better fit when your credit is lower or your down payment is smaller and the home will be your primary residence.
Can I use a VA loan if I am not in the military right now?+
Yes. VA loan eligibility is based on qualifying military service, not current active-duty status. Eligible veterans, members of the National Guard and Reserves, and certain surviving spouses can use VA loans by obtaining a Certificate of Eligibility (COE).
Which mortgage has the lowest down payment?+
A VA loan typically has no down payment requirement for eligible borrowers. FHA loans generally allow a smaller down payment than conventional loans for borrowers who qualify under FHA guidelines. Specific Mortgage Go minimums are pending compliance sign-off.