FHA: Best for first-time buyers or those with lower credit scores. Requires 3.5% down with a 580+ score. Has both upfront and annual mortgage insurance (MIP) for the life of the loan.

Conventional: Best for buyers with good credit (680+) and 5-20% down. PMI is removable once you reach 80% LTV. Often the lowest total cost for well-qualified borrowers.

VA: Available to veterans and active military. No down payment, no monthly MI. VA funding fee can be financed into the loan. Often the best deal for eligible borrowers.