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.