If you're VA-eligible, start with VA — $0 down, no monthly MI, often the lowest rate — and compare CalVet. The only time to look elsewhere is a narrow case (20% down favoring conventional). Not eligible? USDA for zero down in eligible areas, conventional for good credit, FHA for lower credit or small down, jumbo above conforming limits. This page compares them all. For the deep VA-vs-conventional decision, see Pros & Cons.
The master comparison
| Program | Min down | Monthly MI | Upfront cost | Best for |
|---|---|---|---|---|
| VA | $0 | None | Funding fee (or $0 exempt) | Eligible veterans & service members |
| Conventional | 3% | PMI until 20% | None | Good credit, 20% down |
| FHA | 3.5% | Often lifetime | 1.75% UFMIP | Lower credit, small down |
| USDA | 0% | Guarantee fee | Upfront fee | Eligible areas, income limits |
| Jumbo | 10–20% | Varies | Varies | Loans above conforming |
| CalVet | $0–low | None (VA-style) | Fee varies | California veterans |
Figures are 2026 general guidance, not an offer. Lender overlays and program details vary.
VA head-to-head
VA vs Conventional
For eligible veterans, VA usually wins: $0 down and no PMI vs a down payment or PMI below 20% equity. Conventional only competes if you're putting 20% down and want to skip the funding fee. See Conventional.
VA vs FHA
Not close if you qualify for VA — no down, no monthly MI beats FHA's 3.5% down and lifetime MIP. FHA is the backup if you're not VA-eligible. See FHA.
VA vs USDA
Both offer $0 down. VA has no monthly MI and no income/area limits; USDA is capped to eligible areas and incomes. For eligible veterans, VA is usually stronger — but USDA can fit non-veterans in rural/suburban areas.
VA vs Jumbo
With full entitlement, VA has no loan limit, so eligible veterans can often go big with $0 down where others need a jumbo loan with 10–20% down. A real edge in high-cost California.
VA vs CalVet
CalVet is California's state veteran loan program — VA-style financing sometimes at competitive rates, with its own features. It's a genuine alternative to a standard VA loan; the winner depends on your rate and situation. We compare both so you don't leave money on the table.
A simple decision framework
Work down this ladder and stop at the first "yes":
Are you an eligible veteran or service member?
→ VA loan (and compare CalVet). $0 down, no monthly MI. Hard to beat.
Not eligible — is the home in an eligible area within income limits?
→ Consider USDA. Zero down where it fits.
Is your credit strong (roughly 680+)?
→ Conventional — PMI cancels at 20%.
Lower credit or small down?
→ FHA. The flexible path in.
Loan above the conforming limit (and not full-entitlement VA)?
→ Jumbo. Stronger credit, bigger down.
Comparison FAQs
Is VA better than conventional?
For eligible veterans, almost always — $0 down, no PMI. Conventional only competes with 20% down. See Conventional.
Is VA better than FHA?
Yes if you qualify — no down, no monthly MI vs FHA's 3.5% down and lifetime MIP. FHA is the backup.
VA or USDA?
Both zero down; VA has no MI and no area/income limits. For eligible veterans, VA usually wins.
What about CalVet?
California's state veteran program — VA-style, sometimes competitive. Worth comparing alongside a standard VA loan.
How do I choose?
If eligible, VA/CalVet first. Otherwise USDA, conventional, FHA, or jumbo by fit. A broker matches you in one conversation.
Reviewed by the licensing team at Save Financial, a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766) founded in 2009 and serving all 58 counties from offices in Newport Beach and Marina del Rey.