An FHA loan is a government-backend loan that is distributed through the Federal Housing Administration. This loan offers low rates and has less stringent qualification requirements.
These loans follow the Fannie Mae and Freddie Mac quidelines and have a maximum borrowing limit.
A USDA loan is a loan that has a zero down payment requirement and is provided by the U.S. Department of Agriculture for specific rural homes.
A VA loan is issued by the U.S. Department of Veteran Affairs and is an affordable loan for active military members and veterans.