FHA loan
An FHA loan is a mortgage that is insured by 
the Federal Housing Administration. With an FHA loan you pay for mortgage insurance which will protect the lender from a loss if the borrower defaults on the loan. These terms are for the life of the loan. This type of loan is usually a go to option for home buyers with its low down payments and relaxed credit requirements. This loan option however must be used for a property that is occupied by at least one owner as a primary residence within 60 days of closing. So that means that investment properties and homes that are being flipped are not eligible for an FHA loan. An FHA loan tends to be more flexible than a conventional loan. If you have had small bumps in your past credit history and are working with a smaller amount of money, an FHA mortgage loan may be for you.
Requirements for an FHA loan
· 3.5% down payment
· No previous mortgage late payments in the last 12 months
· No foreclosures in the last 36 months
· No bankruptcies in the past 24 months
Conventional loan
A conventional loan is a mortgage that is not guaranteed or insured by any government agency that typically has fixed rates and terms. Conventional loans are the most common loans. Typically they’re used to buy a primary residence, investment property, or even a vacation home. Conventional loans are typically cheaper than a FHA loan. In most cases conventional loans are for someone with a higher credit score and more money to work with for a larger down payment.
Requirements for a conventional loan
· Down payment anywhere from 3% to 20%
· No previous mortgage late payments in the last 24 months
· No foreclosure in the past 7 years
· No bankruptcies in the past 4 years
RD loan
A RD loan is a mortgage loan offered by the United 
States Department of Agriculture, which runs programs, intended to improve the economy and quality of life in rural America. This is great for both first time home buyers and previous homeowners. Geographic restrictions and income limits will vary by the county you wish to live in. When buying a home if you do not have a 20% down payment, most loans require private mortgage insurance (PMI) which adds to your monthly payment. With a zero dollar down payment and no loan limits this loan could be great for you.
Requirements for an RD loan
· $0 down payment
· No loan limits
· No previous mortgage late payments in the last 24 months
· No foreclosures/ short sales in the last 36 months
· Must have 3 trade lines of credit
VA loan
A VA loan is a mortgage loan in the United States guaranteed by the US Department of Veterans Affairs. This allows veterans that are first time home buyers and current homeowners to purchase their new home with a zero dollar down payment. This is one of the best loan options for veterans looking to have the lowest amount of money out of pocket and keeping a monthly low payment.
Requirements for a VA loan
· No down payment
· No monthly mortgage insurance (PMI)
· Only eligible Veterans qualify
· No previous mortgage late payments in the last 24 months
· No foreclosures in the past 36 months
· No bankruptcies in the past 24 months
· Must meet VA rules of eligibility