This loan is available for 100% financing and is backed by the government, though restrictions do apply. To qualify for a USDA loan the property must meet certain criteria in areas such as location (rural areas), condition (no major issues), and use (must be used as primary residence). These loans do have income restrictions and typically offer lower interest rates than other loan options.

These loans are also government insured and can allow down payments as low as 3.5%. FHA loans do have certain requirements that need to be met in regards to the property, such as the use to only be a primary residence, though they are not as restrictive as USDA. Interest rates for this loan are typically on the lower end as well.

These loans are specifically offered to members of the US Armed Service branches, both current and former. VA loans do have specific requirements, similar to FHA loans, but are also 100% financing and generally offer the lowest available interest rates.

This loan type does not require the property to meet certain criteria for approval, but will only cover up to 97% of financing - depending on your unique circumstances. Conventional loans are not government backed and interest rates vary greatly. Can be used for investment properties or other means outside of primary residence.