Loan programs

Seven programs, one honest comparison.

No "best" loan — only the right loan for your credit, savings, property, and timeline. Compare the real requirements before you apply.

See what you qualify for

FHA

Low down payment

Minimums: 3.5% down · 580+ FICO
Mortgage insurance: Upfront 1.75% + monthly MIP for life of loan (most cases)
Best for: First-time buyers with lower credit or limited savings.

County loan limits apply. Manual underwriting available down to 500 FICO with 10% down.

VA

Veterans & active duty

Minimums: 0% down · No PMI
Mortgage insurance: One-time funding fee (waived for service-connected disability)
Best for: Veterans, active duty, qualifying surviving spouses.

Full entitlement = no county loan limit. Most lender overlays start at 580–620 FICO.

USDA

Rural & suburban

Minimums: 0% down · 640+ FICO typical
Mortgage insurance: Upfront 1% + annual 0.35%
Best for: Buyers in USDA-eligible areas with moderate income.

Income limits by county. Property must be in a USDA-designated area.

Conventional

Most common

Minimums: 3% down (first-time) · 620+ FICO
Mortgage insurance: PMI required <20% down, drops off at 78% LTV
Best for: Buyers with solid credit and steady income.

Conforming loan limits set annually by FHFA. Higher LTV = higher PMI cost.

Jumbo

High balance

Minimums: 10–20% down · 700+ FICO typical
Mortgage insurance: No PMI (most lenders) but stricter reserves
Best for: Loan amounts above conforming limits.

Portfolio underwriting. 6–12 months PITI in reserves often required.

Non-QM

Self-employed

Minimums: 10–25% down · case-by-case
Mortgage insurance: Varies by lender, often baked into rate
Best for: Bank-statement borrowers, asset-depletion, ITIN, recent credit events.

Alternative documentation accepted. Higher rates reflect added risk pricing.

DPA Programs

Down payment help

Minimums: Layered with FHA/Conv loans
Mortgage insurance: Inherits the underlying loan's MI
Best for: Eligible borrowers needing down-payment or closing-cost grants.

State, county, and HUD-approved programs. AMI limits and homebuyer education usually required.

Preliminary

All scenarios are preliminary and subject to borrower qualification, credit review, income verification, property approval, program guidelines, lender overlays, and licensed loan officer review.