YOUR NEXT STEP, WITH CONFIDENCE
FHA vs. Conventional vs. VA Loans in Maryland
Compare loan structures and total costs with a lender using your actual circumstances.
Updated November 1, 2026
There is no single best loan type for every Maryland buyer. Conventional, FHA, and VA loans differ in eligibility, insurance or fees, property requirements, and pricing. Compare written proposals using the same purchase assumptions and the amount of cash you want to retain after closing.
Conventional loans
A conventional mortgage is outside a specific government loan program. Depending on the product and down payment, private mortgage insurance may be part of the cost. Ask the lender about qualification, insurance pricing and cancellation, available down-payment options, and the limits applicable to your property. Do not assume a larger down payment is always the best use of your cash without reviewing the full budget.
FHA loans
FHA insures mortgages made by approved lenders. Its structure may be worth comparing for buyers whose financial profiles fit the program. FHA mortgage insurance contributes to the total cost, so ask for the upfront and ongoing charges and their duration. Have the lender explain property and appraisal requirements before you commit to a home that may need substantial work.
VA loans
Eligible service members, veterans, and certain surviving spouses may qualify for a VA-backed purchase loan. Eligibility documentation does not replace the lender’s review of credit, income, and the property. VA loans do not require monthly mortgage insurance; a funding fee may apply, with exemptions in qualifying circumstances. Ask the lender to verify your status and show the complete cost of the proposed loan.
Compare the same purchase three ways
Where you qualify for more than one option, use the same home price, expected closing date, and comparable rate-lock assumptions. Review cash to close, monthly housing expense, interest, insurance, points, fees, and any assistance obligations. Ask how the comparison changes if you retain more cash or expect to own the home for a shorter period. Headline interest rates alone do not answer those questions.
Consider the property and transaction timeline
A loan needs to work for both you and the home. Discuss condition concerns, condominium eligibility where relevant, appraisal expectations, and the lender’s anticipated schedule. Tell your agent about verified financing requirements so offer terms reflect a realistic process. Avoid interpreting a general program benefit as a promise that a particular property or borrower will qualify.
Choose after the numbers are clear
You are free to compare lenders and select the provider you prefer. Ask each to explain significant differences in writing and identify any assumption that could change. Your NSR agent can help coordinate the purchase milestones, while the lender determines available products, underwriting requirements, and loan approval.