FHA and VA Mortgage Loans
Whether you’re a first-time homebuyer, a veteran, or someone with limited down payment options, FHA and VA mortgage loans provide flexible, affordable ways to achieve homeownership. Both loan types are government-backed, offering attractive benefits like lower down payments, easier qualification criteria, and competitive rates.
FHA vs. VA Loans: Which is Right for You?
Choosing between an FHA or VA loan depends on your unique financial situation and eligibility:
FHA Loans
FHA Loans are accessible to a broad range of borrowers, offering low down payments and flexible qualification standards.
VA Loans
VA Loans offer exceptional terms for qualified veterans, active duty servicemembers, and military spouses, often requiring zero down payment and no mortgage insurance.
FHA Loan Features & Benefits
Note: FHA loans require mortgage insurance premiums (MIP), both upfront and annual, which can be financed into your loan amount.
Low Down Payment
As low as 3.5%, making it easier to purchase a home sooner.
Flexible Credit Requirements
Ideal if your credit history is limited or less than perfect.
Fixed-Rate Options
Enjoy predictable monthly payments.
Accessible Loan Amounts
Loan limits vary by county, tailored to your area’s housing market.
VA Loan Features & Benefits
Note: A VA funding fee applies, though it can be waived or reduced depending on circumstances, such as disability status or down payment size.
Up to 100% Financing
Qualified borrowers can buy a home with no down payment.*
No Mortgage Insurance Required
Unlike FHA loans, VA loans don’t require monthly mortgage insurance, potentially saving you thousands.
Competitive Rates
Often lower interest rates compared to other loan types.
Flexible Qualification Standards
Easier qualification, even with limited credit history.
Exclusive to Military & Families
Available only to eligible veterans, servicemembers, and surviving spouses.
Eligibility Requirements
FHA Loan
VA Loan
Down Payment Required
3.5% minimum
$0 minimum
Credit Score Requirements
Flexible; lower credit scores accepted
Generally more flexible than conventional
Mortgage Insurance Required
Yes (upfront & annual)
No
Military Affiliation Required
No
Yes
Loan Limits
County-specific
County-specific
Additional Documentation
Standard mortgage documents
Certificate of Eligibility (COE) required
What You Can Expect from Croghan
When you choose Croghan for your FHA or VA loan, you’re partnering with a trusted lender committed to your homeownership success.
Simple and Transparent Process
We’ll guide you through each step of your loan application, ensuring you understand the terms and feel confident every step of the way.
Local Experts
With years of experience serving our community, we provide personalized advice and support tailored to your unique needs.
Personalized Support
From pre-approval to closing day, our team is here to offer tailored support, making the home-buying process as smooth and efficient as possible.
Secure Your Path to Homeownership
With FHA and VA loans, Croghan is here to help you take the next step toward homeownership. Ready to get started? Apply online now or connect with one of our mortgage experts to find the perfect loan for you.
Important Legal Disclosures
*All loans are subject to credit approval.
*Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county.
**VA funding fee applies except as may be exempted by VA guidelines. The fee is higher with a zero down payment, and maximum loan limits vary by county. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable. Ask for details about eligibility, documentation, and other requirements.
***Available for fixed-rate purchase loans with terms of 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at closing. The maximum purchase loan-to-value is 97%, and the maximum combined purchase loan-to-value is 103%. Homebuyer education may be required. Restrictions apply regarding co-borrowers. Maximum income and loan amount limits apply.