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Whats the difference between a Conventional Loan, a FHA Loan, and a VA Loan?

April 26, 2017conventional FHA loan VA

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Whats the difference between a Conventional Loan, a FHA Loan, and a VA Loan?

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A Conventional Loan requires you to make a down payment of 3% or more of the selling price of the home you want to buy (depending on the loan program). 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.