The difference between these two types of loans is clear

The two most common types of federally insured loans are FHA and VA loans. FHA stands for Federal Housing Administration and VA stands for Veteran Affairs. Each is a government agency that offers loans at low rates with little to no down payments, however, both provide different types of help. What is the Federal Housing Administration (FHA)? The Federal Housing Administration is a part of the Department of Housing and Urban Development created by congress in 1934 and later becoming part of HUD in 1965. It is the largest provider of insurance for mortgages in the world. The FHA provides mortgage insurance to loans done by FHA approved lenders for single family and multifamily homes which includes hospitals and manufactured homes. This is a more general home insurance program that most people can qualify. What is Veteran Affairs (VA)? Known formally as the United States Department of Veteran Affairs, the VA is a government ran military veteran benefit system. The second largest department in the US it provides veteran families and military personnel with low interest, no money down loans. These loans are insured by the federal government as a benefit to our veterans. This is a more specific home insurance program since only a veteran of the United States can qualify. The difference between these two types of loans is clear, they are two different programs offered by two different government agencies. Each one has its own set of requirements and eligibility but ultimately if you qualify for a VA loan it is a better option due to the fact that there is the possibility of not needing a down payment. FHA loans can have a down payment as low as 3% of the purchase price, much less than the 20% down payment on a traditional loan. Although a VA loan can be received with 0% down, which is better than both a traditional and FHA loans. Also the lender fees are limited by the government on a veteran loan. Although both types of federally insured loans are different they do share some of the same types of loans. Traditional loan types like fixed rate mortgages and adjustable rate mortgages (ARM) are available from both government agencies. Also, both loans also offer a lower rate than traditional mortgages, so the monthly payments are lower. So the difference between a FHA loan and VA loans is clear, you just need to find out if you meet the requirements for one of these programs. Remember the VA offers a lower down payment and typically lower rates than the FHA so it is your first option, but if you have never served the military and are not a veteran then at the very least you should try for a FHA insured loan. These two federally insured programs can be your way into your first home or an option for refinancing your current mortgage for lower monthly payments. Both options offer great benefits however if you are a veteran who is eligible for va loans then you should utilize this program since it offers the best incentives. If you are not eligible you should find an FHA mortgage lender in your area to find out if you meet the requirements for the Federal Housing Administration's program. 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