What are FHA Loans and VA Loans in the United States?

FHA loans and VA loans are mortgage loans insured by the government and available for potential homebuyers.

FHA loans are available to lower-income borrowers and typically require a very low down payment. Also, borrowers get competitive interest rates and loan costs.

VA loans are available to veterans and their spouses or widows/widowers. VA Loans require no money down and typically have competitive interest rates and loan costs. They are loans provided and insured by the US government through the US Department of Veterans Affairs.

If you are looking for a conventional mortgage loan, you might consider reading: How to get a mortgage.

The Differences between FHA loans and VA loans

The main differences between mortgage loans insured by the government versus conventional loans are the property requirements and loan processing and approval times, says Rajeh A. Saadeh from The Law Office of Rajeh A. Saadeh, L.L.C.

FHA and VA loans can only get issued for specific properties. They have more stringent appraisal requirements and require that they be in an appropriate visual condition to appraise.

On the other hand, conventional loans can be issued on more properties. Also, they…