FHA vs VA vs Conventional: Which Loan Is Best?

Short answer

It depends on your credit score, your down payment and whether you're eligible for VA. Today, with a 680 credit score and 5% down, FHA costs about $26,919 less over 10 years. For a veteran at 680, VA with 0% down wins by about $27,009. Pick your numbers below for the full side-by-side math.

Today’s rates · Rates as of November 5, 2026

Reviewed by Andrew D'Amato — President & Mortgage Expert · NMLS #1289793

Know the programs

The three loans most buyers choose between

FHA

Built for good-but-not-perfect credit and a small down payment.

Down payment: 3.5% with 580+ credit (10% at 500–579)
Mortgage insurance: Upfront 1.75% (rolled into the loan) plus monthly. Same price at any credit score
How long it lasts: Life of the loan under 10% down; 11 years at 10%+
Seller can pay: Up to 6% of the price toward your closing costs

Best for: Credit from 580 to about 720, with 3.5% to 10% down.

More about FHA loans

Conventional

The standard loan. Gets cheaper as your credit gets stronger.

Down payment: 3% for first-time buyers, 5% otherwise
Mortgage insurance: None at 20% down. Below that it's priced on your credit score
How long it lasts: Drops off on its own at 78% of the home's value, sooner if you ask at 80%
Seller can pay: 3% under 10% down, 6% at 10–25% down

Best for: Credit of about 720+, or 20% down.

Today's conventional rates

VA

For veterans and service members. Usually the best loan if you're eligible.

Down payment: 0%
Mortgage insurance: None. A one-time funding fee instead (waived with a VA disability rating)
Seller can pay: Your normal closing costs plus up to 4% in concessions
Who qualifies: Veterans, active duty, and some surviving spouses

Best for: Anyone eligible, at almost any credit score.

More about VA loans

Compare, priced today

FHA vs Conventional

Pick your credit score and down payment to see the full side-by-side math.

Credit5% down10% down

640 FHA$42ksaves $42,5496.000% vs 6.999% FHA$33ksaves $33,4996.000% vs 7.125%

660 FHA$41ksaves $41,6586.000% vs 6.999% FHA$29ksaves $29,4956.000% vs 6.999%

680 FHA$26ksaves $26,9196.000% vs 6.874% FHA$17ksaves $17,9226.000% vs 6.874%

700 FHA$21ksaves $21,1846.000% vs 6.874% FHA$14ksaves $14,0975.999% vs 6.874%

720+ FHA$12ksaves $12,0356.000% vs 6.750% FHA$8ksaves $8,8935.999% vs 6.750%

Savings over 10 years. Tap a box for the full math.

680 credit, 5% down: FHA or conventional?

What's the best mortgage with a 680 credit score and 5% down? Today it's FHA: about $26,919 less than conventional over 10 years.

680 credit · 5% down · $375,000 home · priced todayRates as of November 5, 2026

Best value over 10 years

30-year fixed

FHA

Rate

6.000%

APR

7.028%

Payment (principal & interest): $2,173
Mortgage insurance: $148/mo
Points: 1.93 · $6,876
Closing costs: $16,678
Down payment: $18,750
Total loan amount: $362,484
Cash to close: $35,428

30-year fixed

Conventional

Rate

6.874%

APR

7.648%

Payment (principal & interest): $2,340
Mortgage insurance: $187/mo
Points: 2.21 · $7,873
Closing costs: $17,504
Down payment: $18,750
Total loan amount: $356,250
Cash to close: $36,254

FHA saves

$205/mo

on your monthly payment vs Conventional

FHA saves

$26,919

in total costs over 10 years

FHA saves

$826

in cash at closing

FHA. At 680 credit with 5% down, it's the better loan whether you keep it 5 years or 10.

We'd take FHA here, with a plan: once your home has 20% equity, look at refinancing to conventional to drop the mortgage insurance for good. We'll watch rates for you and tell you when it makes sense. Either way, we price both for your exact numbers before you decide.

Compare, priced today

VA vs Conventional

For veterans and service members: VA with 0% down compared with conventional at 5% down. Pick your credit score to see the full side-by-side math.

CreditVA 0% vs Conventional 5% down

640 VAsaves $42,639 over 10 yrsVA 6.099% · Conventional 6.999%See the math

660 VAsaves $41,748 over 10 yrsVA 6.099% · Conventional 6.999%See the math

680 VAsaves $27,009 over 10 yrsVA 6.099% · Conventional 6.874%See the math

700 VAsaves $21,274 over 10 yrsVA 6.099% · Conventional 6.874%See the math

720+ VAsaves $12,125 over 10 yrsVA 6.099% · Conventional 6.750%See the math

680 credit: VA with 0% down or conventional with 5% down?

What's the best mortgage for a veteran with a 680 credit score? Today it's VA with 0% down: about $27,009 less than conventional with 5% down over 10 years.

680 credit · VA 0% down, Conventional 5% down · $375,000 home · priced todayRates as of November 5, 2026

Best value over 10 years

30-year fixed

Rate

6.099%

APR

6.528%

Payment (principal & interest): $2,321
Mortgage insurance: None
Points: 1.99 · $7,444
Closing costs: $17,349
Down payment: $0
Total loan amount: $383,062
Cash to close: $17,349

30-year fixed

Conventional

Rate

6.874%

APR

7.648%

Payment (principal & interest): $2,340
Mortgage insurance: $187/mo
Points: 2.21 · $7,873
Closing costs: $17,504
Down payment: $18,750
Total loan amount: $356,250
Cash to close: $36,254

VA saves

$206/mo

on your monthly payment vs Conventional

VA saves

$27,009

in total costs over 10 years

VA saves

$18,905

in cash at closing

VA with 0% down. At 680 credit, it's the better loan whether you keep it 5 years or 10.

If you're eligible, VA almost always wins, and it does here: no down payment, no monthly mortgage insurance and a lower rate. With a VA disability rating the $8,062 funding fee is waived, so it wins by even more. Conventional can still make sense if you can put 20% down, which removes mortgage insurance and skips the funding fee, or if you want to keep your VA entitlement free for a later home. Either way, we price both for your exact numbers before you decide.

Every comparison prices a 30-year fixed purchase of a $375,000 single-family primary residence in Virginia. “Saves” is the difference in total borrowing cost (closing costs, interest and mortgage insurance) over 10 years.

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FAQ

Questions people ask

Is FHA or conventional better?

It depends on your credit score and down payment. FHA mortgage insurance costs the same at any credit score. Conventional mortgage insurance gets cheaper as your score goes up and comes off on its own at 78% of the home's value. So lower scores tend to favor FHA and higher scores conventional. The grid above shows which one costs less today at each score.

Is a VA loan better than FHA or conventional?

If you're eligible, usually yes. VA needs no down payment and has no monthly mortgage insurance, just a one-time funding fee, which is waived with a VA disability rating. Conventional can still make sense if you can put 20% down, which removes mortgage insurance and skips the funding fee.

How much do I need to put down?

VA: 0%. FHA: 3.5% with a 580+ credit score. Conventional: 3% for first-time buyers, 5% otherwise.

When does mortgage insurance go away?

FHA: it stays for the life of the loan with less than 10% down, and for 11 years with 10% or more. Conventional: it drops off on its own at 78% of the home's value, or sooner if you ask at 80%. VA has no monthly mortgage insurance.

Who qualifies for a VA loan?

Veterans, active-duty service members and some surviving spouses.

How we stack up

Lower rates than Zillow and Rocket

Rates up to

lower

Save up to

$21,600*

over 10 years

30-year fixedMableZillowThe Mable advantage

FHASave up to $21,600

Mable

6.000%

Zillow

7.000%

—

Up to 1% lower rate

FHA6.000%

7.000%

—

Up to 1% lowerSave up to $21,600

VASave up to $8,100

Mable

6.250%

Zillow

6.625%

—

Up to 0.375% lower rate

VA6.250%

6.625%

—

Up to 0.375% lowerSave up to $8,100

ConventionalSave up to $11,100

Mable

6.874%

Zillow

7.375%

—

Up to 0.501% lower rate

Conventional6.874%

7.375%

—

Up to 0.501% lowerSave up to $11,100

See your custom rate

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FHA vs VA vs Conventional: Which Loan Is Best?

The three loans most buyers choose between

FHA

Conventional

VA

FHA vs Conventional

640 credit, 5% down: FHA or conventional?

640 credit, 10% down: FHA or conventional?

660 credit, 5% down: FHA or conventional?

660 credit, 10% down: FHA or conventional?

680 credit, 5% down: FHA or conventional?

680 credit, 10% down: FHA or conventional?

700 credit, 5% down: FHA or conventional?

700 credit, 10% down: FHA or conventional?

720 credit, 5% down: FHA or conventional?

720 credit, 10% down: FHA or conventional?

VA vs Conventional

640 credit: VA with 0% down or conventional with 5% down?

660 credit: VA with 0% down or conventional with 5% down?

680 credit: VA with 0% down or conventional with 5% down?

700 credit: VA with 0% down or conventional with 5% down?

720 credit: VA with 0% down or conventional with 5% down?

Questions people ask

Is FHA or conventional better?

Is a VA loan better than FHA or conventional?

How much do I need to put down?

When does mortgage insurance go away?

Who qualifies for a VA loan?

No haggle. No hassle.

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