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FHA (Federal Housing Administration) usually6 has lower credit score requirements, typically with a lower down payment.


​VA loans are for active duty and veterans, with as low as 0% down depending on eligibility and no need for Private Mortgage Insurance (PMI).


Home loans insured by the Federal Housing Administration* (FHA) can make it easier for you to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage.

FHA loans are widely used by first-time homebuyers and people with low-to-moderate incomes since this government-insured mortgage features:

  • Low down payments

  • Flexible income and credit requirements

  • Fixed- and adjustable-rate mortgages

  • Loans for 1-4 unit properties and condos may be available

  • Down payment funds can be a gift from a relative or employer*

  • Home sellers can contribute up to 6% of the closing costs

*Subject to underwriting review and approval.


Home loans backed by the Department of Veterans Affairs* (VA) provide affordable home financing options for eligible Service Members, Veterans and surviving spouses.


Since VA loans often require no down payment* with lower closing costs, you can help keep your savings secure. VA loans also feature:

  • No prepayment penalties

  • No private mortgage insurance (PMI)

  • 100% financing with full VA entitlement* 

  • Fixed- and adjustable-rate mortgages 

  • VA financing fees can be “rolled” into the loan amount

  • Variety of eligible property types, including townhomes and VA-approved condos

VA Loan Eligibility

In order to be eligible for a VA loan, you must first obtain a valid Certificate of Eligibility(COE). Your COE is based on length of service or service commitment, duty status and character of service.

*A down payment is required if the borrower does not have full VA Entitlement, or if the loan amount is greater than $453,100. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.

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