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Whats the difference between a conventional and an FHA loan?

April 26, 2017conventional FHA loan

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Whats the difference between a conventional and an FHA loan?

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A conventional loan requires you to place a downpayment of between 5% and 20% of the selling price of the home you want to buy. However, with loans insured by the Federal Housing Administration (FHA) you can qualify for a mortgage with as little as 2.5% down. Loans guaranteed by the Department of Veterans Affairs (VA) require no money down.