The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers. Over time, private mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI. The program has since this time been modified to accommodate the heightened recession. -Wikipedia

VA LOANS

What Does Veteran's Administration (VA) Mean?
A U.S. cabinet department that provides patient care, veterans' benefits, and other services to veterans of the U.S. armed forces and their families. Commonly referred to as "the VA," the organization also provides this group with disability compensation for those who are injured or contracted a disease while serving, education and training, medical, surgical, and rehabilitative care, readjustment counseling, bereavement counseling, surviving spouse benefits, care and benefits to homeless veterans, medical research, life insurance, vocational rehabilitation, headstones/burial markers, and home loan assistance.-Wikipedia