So you’re refinancing (awesome!) or buying a home (congrats!), and you know you need a mortgage. ⁣ ⁣ Before you head to the bank or talk with a lender, you need to know the difference between a conventional, FHA, and VA loans. ⁣ ⁣ Here’s a crash course:⁣ ⁣ Conventional loan:⁣ ⁣ Definition: A conventional loan is a loan not insured by the government. This means there’s no guarantee for the lender if you fail to repay.⁣ Down payment: Because it’s not insured, a conventional loan requires a 20% down payment.⁣ Special considerations: Can’t do 20%? Then you’ll need to have private mortgage insurance (PMI). PMI picks up the tab for your lender if you happen to default on the home.⁣ ⁣ FHA loan:⁣ ⁣ Definition: A FHA loan is a loan insured by the Federal Housing Administration (FHA).⁣ Down payment: Because it’s insured, a lender can offer a downpayment as low as 3.5% of the purchase price.⁣ Special considerations: You’ll need a credit score of at least 580 with 3.5% down. ⁣ VA loan:⁣ ⁣ Definiti...