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FHA vs Conventional vs VA Loans — Comparing Mortgage Programs for Every Buyer in 2026

Choosing the right mortgage program can save you tens of thousands of dollars over the life of your loan, yet many buyers default to whatever their lender first suggests without comparing alternatives. In 2026, with the 30-year fixed rate averaging 5.98% and the 15-year at 5.44%, the differences between FHA, conventional, and VA loans in terms of down payments, mortgage insurance, credit requirements, and total cost are more significant than most realize. Each program was designed for different borrower profiles. Conventional loans work best for buyers with strong credit and savings. FHA loans open the door for buyers with lower credit scores or smaller down payments. VA loans offer unmatched benefits for eligible veterans and service members. Understanding which program fits your situation is one of the most important financial decisions in the home buying process.

FHA loanconventional loanVA loan

First-Time Home Buyer Guide — Steps, Down Payment Options, and Loan Programs for 2026

Buying your first home is one of the biggest financial decisions you will ever make, and the process can feel overwhelming without a clear roadmap. In 2026, first-time buyers face a market where the 30-year fixed mortgage rate averages 5.98% and the median US home price sits around $400,000 — but several government-backed programs and down payment assistance options can make homeownership more accessible than many realize. Whether you are renting and wondering when to make the leap, or you have already started saving for a down payment, understanding the full home buying process from pre-approval to closing day will save you money and stress. This guide walks through every step, explains the loan programs available to first-time buyers, and helps you determine how much house you can actually afford.

first-time home buyerhome buying guide 2026mortgage rates 2026