FHA or VA

Here's the condensed version. If you qualify for a VA loan, it will be better than FHA because there is no mortgage insurance. That alone is a huge benefit.

For purchase and construction loans, members of the regular military fall into the category of first time user or subsequent user. For first time users, no down payment requires a 2.15% fee, up to 10% down payment requires a 1.5% fee, and 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.50% fee, and 10% or more requires a 1.25% fee.For the category of Reserves / National Guard, first time users with no down payment requires a 2.4% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee.VA allows 100% purchase with NO monthly mortgage insurance.Thank you for your service to OUR COUNTRYGOD BLESS YOU, SIR.

VA for sure. No mortgage insurance plus no down payment.

VA is usually the best way to go. Depending on your income level and real estate prices, though, you may find it limiting in your purchasing power due to residual income requirements; if you can't qualify on the VA loan for some reason, don't rule out FHA.

Hi Jeff,Here is the link to contact the VA that handles NY:http://www.vba.va.gov/ro/manchester/lgymain/loans.htmlBest,Matt Davis

Jeff - how much are you looking to put down? From there you can narrow down your options. If 20% or more, conventional may be the way to go.