USDA, FHA, and VA rates track each other so closely that the differences are usually a distinction without a difference. On any given day FHA and VA often quote within a few hundredths of a point of each other, and USDA sits in that same neighborhood. The reason is structural. All three carry a direct government guarantee and get pooled into the same Ginnie Mae (Government National Mortgage Association) mortgage-backed securities. Investors are buying essentially the same guaranteed cash flow no matter which of the three programs backs the individual loan, so the pricing lands in the same range. You can watch how the programs quote against each other on the Mortgage News Daily rate table, right here on our site. Where the programs genuinely differ is the cost and eligibility around the rate: - USDA has geographic and income limits plus its own guarantee fee. - FHA carries upfront and annual mortgage insurance. - VA has no monthly mortgage insurance at all; in its place is a one-time funding fee, waived for certain exempt veterans, such as those receiving service-connected disability compensation. The agencies set those fee structures and adjust them over time, so confirm the current versions. Weighing which of the three fits your situation is exactly what we do in the free Roadmap conversation, where we run your real numbers.