VA vs FHA vs Con­ven­tion­al: Which Loan Is Right for You?

Down Payment Comparison

For a $350,000 home:

VA Loan

• 0% down
• $0 required

FHA Loan

• 3.5% down
• $12,250 required

Conventional Loan

• 5% down (common example)
• $17,500 required

Mortgage Insurance Comparison

VA

• No monthly mortgage insurance

FHA

• Upfront mortgage insurance premium
• Monthly mortgage insurance (often for life of loan)

Conventional

• Private mortgage insurance (PMI) required if under 20% down

Credit Score Requirements

VA

• 580 minimum score 

FHA

• 580 minimum for 3.5% down

Conventional 

• Typically 620+
• Best pricing above 700

FHA Guidelines:

https://www.hud.gov/buying/loans

VA Guidelines:

https://www.va.gov/housing-assistance/home-loans/  

Conventional loans generally follow standards set by Fannie Mae and Freddie Mac.

Long-Term Cost Comparison

VA loans often provide the lowest long-term cost due to:

• No monthly mortgage insurance
• Competitive interest rates
• Flexible underwriting

Over time, FHA loans may cost significantly more due to ongoing Mortgage Insurance Premium. 

ROGER Bank walks clients through total cost comparisons — not just rates.

This blog is for informational purposes only and does not constitute legal, tax, or other financial advice. Consumers should seek the advice of a financial advisor/professional, tax consultant or legal counsel for their specific needs.