An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment.
The United States Department of Veterans Affairs established the VA mortgage loan program to help veterans and their families obtain home financing. VA loans offer up to 100% financing on the home’s value.
A conventional loan is a mortgage loan that is not backed by any government agency and instead follows guidelines established by government-sponsored enterprises (GSE).