This news is about two types of home loans: VA loans and FHA loans. VA loans are for military members, veterans, and their families. FHA loans are for anyone who qualifies. Both are helpful for buying homes!
- VA loans need no down payment but often require a better credit score.
- FHA loans need a small down payment (3.5% to 10%) and may accept lower credit scores.
- Both loans have rules about the home's condition and your income.
| Loan Type | Down Payment | Credit Score |
|---|---|---|
| VA Loan | 0% | Usually higher (620 or above) |
| FHA Loan | 3.5% - 10% | Can be as low as 500 |
