"Traditional" mortgage, usually 15- or 30-year terms

Often requires a 10% – 20% down payment

Usually requires high credit score, good financial history & solid income

Available to most active & veteran military

As little as 0% down, no private mortgage insurance required

May require a one-time funding fee

Flexible income and credit requirements

As low as 3% – 5% down payment

Requires private mortgage insurance

Only available to buyers in more rural areas

As little as 0% down payment

Targets lower-income buyers

Has a short loan term of 5 – 7 years but a payment based on 30 years

At the end of the 5 or 7 years, you must pay, refinance, or convert the loan

May have lower interest rates and credit requirements

Used to finance properties too expensive for a conforming loan (as defined by the Federal Housing Finance Agency)

Riskier for lenders, as the loan isn't guaranteed by Fannie Mae and Freddie Mac

May have higher qualification requirements, including credit, income, and savings

Offer options for first-time buyers

May provide lower credit requirements or down payment assistance

May have income limits or require mortgage insurance or a buyer education course

Available to most active & veteran military

As little as 0% down, no private mortgage insurance required

May require a one-time funding fee

Offers loans for low income and moderate income buyers

Offers up to $90,000 that can be used to cover a down payment and closing costs

No maximum purchase price on moderate income loans