Loan Options • Compare
Compare loan programs
Conventional, FHA and VA loans can all help you buy a home, but they reward different strengths. See how down payment, credit, mortgage insurance and loan limits line up, then talk with a FLO loan officer about the best fit.
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At a glance
- Conventional: flexible terms, removable PMI
- FHA: flexible credit guidelines
- VA: $0 down for eligible borrowers
- Side-by-side 2026 guidelines
Talk with a licensed loan officer
Compare loan programs
Conventional vs. FHA vs. VA loans
Tap a program to spotlight what makes it different, or pick what matters most to you and we will point out the programs worth a closer look.
What matters most to you?
Conventional loans
The flexible all-rounder
Best for: Borrowers with steady credit who want mortgage insurance that can come off, or who are buying a second home or investment property.
- Down paymentAs low as 3%*
- CreditStrongest pricing with higher scores
- Mortgage insurancePMI under 20% down, removable
- 2026 loan limit$832,750 baseline*
- PMI can be removed
- Second homes & investment
- No upfront program fee
- Higher baseline loan limit
FHA loans
Built for flexibility
Best for: First-time buyers, borrowers rebuilding credit, and households with limited savings or higher debt-to-income ratios.
- Down payment3.5% with 580+ credit*
- CreditFlexible credit guidelines
- Mortgage insuranceUpfront + annual MIP
- 2026 loan limit$541,287 to $1,249,125*
- 3.5% down payment
- Flexible credit
- Gift funds welcome
- 1 to 4 unit homes
VA loans
Earned through service
Best for: Eligible veterans, active-duty service members, qualifying National Guard and Reserve members, and eligible surviving spouses.
- Down payment$0 down with full entitlement*
- CreditNo VA-set minimum score
- Mortgage insuranceNone
- 2026 loan limitNo VA limit with full entitlement
- No down payment
- No monthly mortgage insurance
- Funding fee waived for many
- No VA loan limit
| Feature | Conventional | FHA | VA |
|---|---|---|---|
| Minimum down payment | 3% for eligible buyers; 5% is common | 3.5% with a 580+ score; 10% with 500 to 579 | 0% with full entitlement |
| Credit profile | Underwriting reviews your full credit picture; higher scores earn better pricing | Designed for credit flexibility; lender minimums apply | No minimum set by the VA; lender minimums apply |
| Mortgage insurance | PMI when you put down less than 20% | Upfront MIP of 1.75% plus annual MIP (0.55% for most 30-year loans) | No monthly mortgage insurance |
| Can mortgage insurance end? | Yes. Request removal at 80% loan-to-value; it ends automatically at 78% | Only after 11 years if you put down 10% or more; otherwise it lasts for the life of the loan unless you refinance | Not applicable |
| Upfront program fee | None | 1.75% upfront MIP (can be financed) | Funding fee of 1.25% to 3.3% (waived for many disabled veterans) |
| 2026 loan limit (1 unit) | $832,750 baseline; up to $1,249,125 in high-cost areas | $541,287 to $1,249,125 depending on county | No VA loan limit with full entitlement |
| Property types | Primary homes, second homes and investment properties | Primary residence, 1 to 4 units | Primary residence, 1 to 4 units |
| Who can apply | Any qualified borrower | Any qualified borrower who will live in the home | Eligible veterans, service members and surviving spouses with a Certificate of Eligibility |
| Gift funds for down payment | Allowed with documentation | Allowed from eligible donors, such as family | Allowed (often not needed with $0 down) |
★ marks the program with the edge on that feature.
*Figures reflect 2026 program guidelines from FHFA, HUD and the Department of Veterans Affairs and are for educational purposes only. This is not a commitment to lend or an offer of specific terms. All loans are subject to credit approval, underwriting guidelines, property eligibility and program availability, and lender requirements may be stricter than program minimums. Not all applicants will qualify. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity.
How to choose between conventional, FHA and VA
Start with eligibility
If you have served in the military, check your VA eligibility first. No down payment and no monthly mortgage insurance are hard to beat, and many disabled veterans pay no funding fee.
Then look at credit and debt
Strong credit usually points toward conventional, where good scores bring lower rates and cheaper PMI that can be removed. If your score is still recovering or your debt-to-income ratio is on the higher side, FHA may approve you when conventional will not.
Think about how long you will keep the loan
FHA mortgage insurance often lasts for the life of the loan, while conventional PMI can come off once you reach 20% equity. If you expect to stay put for many years, that difference adds up.
Consider the property
Buying a vacation home or a rental? Conventional is the only one of the three that finances second homes and investment properties. FHA and VA are for homes you will live in, including 2 to 4 unit properties where you occupy one unit.
FAQ
Loan comparison questions, answered
What is the difference between conventional, FHA and VA loans?
Conventional loans are not government-backed and follow Fannie Mae and Freddie Mac guidelines. FHA loans are insured by the Federal Housing Administration and offer flexible credit guidelines. VA loans are guaranteed by the Department of Veterans Affairs and offer $0 down and no monthly mortgage insurance to eligible veterans and service members.
Which loan has the lowest down payment?
VA loans allow no down payment for borrowers with full entitlement. For borrowers who are not VA-eligible, conventional loans start at 3% down for eligible buyers and FHA loans start at 3.5% down with a credit score of 580 or higher.
Which loan is easiest to qualify for?
FHA loans generally have the most flexible credit and debt-to-income guidelines. VA loans are also flexible for eligible borrowers, since the VA does not set a minimum credit score. Lender requirements still apply to every program.
Which loans have mortgage insurance?
Conventional loans require private mortgage insurance when you put down less than 20%, and it can be removed later. FHA loans have upfront and annual mortgage insurance premiums. VA loans have no monthly mortgage insurance but most borrowers pay a one-time funding fee.
Can I switch from an FHA loan to a conventional loan later?
Yes. Many homeowners refinance from FHA to conventional once they have built enough equity and their credit has improved, which can remove mortgage insurance. Refinancing has costs, so it is worth comparing the numbers first.
What are the 2026 loan limits?
For a one-unit home in 2026, the conforming limit for conventional loans is $832,750 in most areas and up to $1,249,125 in high-cost areas. FHA limits range from $541,287 to $1,249,125 depending on the county. VA loans have no limit for borrowers with full entitlement.
This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, property eligibility and program availability. Lender requirements may be stricter than the program minimums described here. Not all applicants will qualify. Figures reflect 2026 program guidelines and may change without notice. FLO Mortgage is licensed in Florida, Georgia, Michigan, North Carolina, Tennessee and Texas. Company NMLS #1835856. Equal Housing Opportunity. Licensing & Disclosures.
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Every FLO Mortgage loan officer can walk you through this program, run the numbers for your situation and compare it with your other options. Have questions? Call our main office at (386) 882-9980.
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