Derek Huit · NMLS #203980 · Cardinal Financial
VA vs FHA vs Conventional — side by side
The three most common ways Alaska buyers finance a home, compared on the features that actually matter: down payment, mortgage insurance, and who each program is built for.
Licensed in: AK · FL · GA · IL · IN · MI · MT · OK · TX · WA
The comparison
Program rules in plain language. Your eligibility, credit profile, and down payment determine which lane fits — a quick conversation with Derek sorts that out fast.
| VA Loan | FHA Loan | Conventional | |
|---|---|---|---|
| Who it's for | Eligible veterans, active-duty service members, and qualifying surviving spouses — including Alaska's large military community at JBER, Eielson, Fort Wainwright, and Coast Guard stations. | Often first-time buyers or anyone needing a lower barrier to entry and more flexible credit guidelines. | Buyers with stronger credit and stable income who want flexibility across property types and down payment options. |
| Down payment minimum | 0% down for eligible borrowers — one of the biggest advantages of the VA program. | 3.5% minimum down payment under standard program rules. | Varies by program and borrower profile; options exist across a range of down payment levels. |
| Mortgage insurance | No monthly mortgage insurance. A one-time VA funding fee may apply depending on service history and down payment. | Upfront mortgage insurance premium plus an annual premium paid monthly for the life of the loan in most cases. | Private mortgage insurance when the down payment is below 20%; it can typically be removed once sufficient equity is built. |
| Credit considerations | No program-set minimum credit score, though lenders apply their own standards. | More forgiving of lower credit scores than most conventional options. | Stronger credit is generally rewarded with more favorable terms. |
| Property types | Primary residences that meet VA property standards. | Primary residences that meet FHA property standards. | Primary residences, and in many cases second homes and investment properties. |
| Loan limits | Follows conforming loan limits for most borrowers with full entitlement. | Follows FHA loan limits, which vary by county. | Follows conforming loan limits; amounts above the limit fall into Jumbo territory. |
Program descriptions are general and qualitative. Actual eligibility, terms, and availability depend on credit approval, underwriting, and current program guidelines — all subject to change without notice. This page quotes no rates or payments.
Common questions
Can I use a VA loan more than once?
Yes — eligible borrowers can reuse their VA entitlement, including while PCSing to or from Alaska. Entitlement rules depend on your service history and prior use.
Is FHA only for first-time buyers?
No. While popular with first-time buyers, FHA loans are available to repeat buyers who meet program guidelines.
When does conventional make more sense than FHA?
Often when you have stronger credit and can put more down — private mortgage insurance can eventually be removed, which isn't the case for most FHA loans. Your full financial picture decides.
What about down payment assistance?
Cardinal's national program offers 3.5% or 5% as a repayable second lien with no income limit. Read how it works.
Know your lane? Get pre-approved.
Derek Huit, NMLS #203980 — licensed in Alaska and nine other states.
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