Loan programs
Find the right loan for your situation
Every buyer's path to homeownership is different. Here's a plain-English breakdown of the most common loan types — so you can walk in knowing your options.
FHA Loan
Low down payment, flexible credit
Backed by the Federal Housing Administration, FHA loans are designed for buyers who may not have a large down payment saved or a perfect credit score. They're one of the most accessible paths to homeownership available.
Key numbers
- Down paymentAs low as 3.5%
- Min. credit score580 (or 500 with 10% down)
- Mortgage insuranceRequired (upfront + annual)
- Loan limitsVary by county
What's great
- Lower credit score requirements than conventional loans
- Down payment can come from a gift or grant
- Competitive interest rates
- Available for single-family homes, condos, and multi-unit properties
Things to know
- Mortgage insurance premiums required for the life of the loan (unless you refinance)
- Property must meet FHA minimum standards
- Loan limits may be lower than home prices in high-cost areas
Best for
Buyers with limited savings or credit scores in the 580–680 range
Conventional Loan
More options, fewer restrictions
Conventional loans aren't backed by a government agency — they follow guidelines set by Fannie Mae and Freddie Mac. They offer more flexibility in property types and loan amounts, and you can drop mortgage insurance once you reach 20% equity.
Key numbers
- Down paymentAs low as 3%
- Min. credit score620 recommended
- Mortgage insuranceRequired if < 20% down (can be removed)
- Loan limitsUp to $766,550 (conforming)
What's great
- PMI can be cancelled once you reach 20% equity
- No upfront mortgage insurance premium
- Works for primary homes, vacation homes, and investment properties
- More property types eligible
Things to know
- Higher credit score requirements than FHA
- Stricter debt-to-income ratio requirements
- Larger down payment needed to avoid PMI
Best for
Buyers with good credit (620+) who want more flexibility or plan to put 20% down
VA Loan
Zero down, no mortgage insurance
VA loans are one of the most powerful benefits available to eligible veterans, active-duty service members, and surviving spouses. With no down payment required and no private mortgage insurance, they're often the best deal in the market.
Key numbers
- Down payment0% required
- Min. credit scoreNo official minimum (lenders vary)
- Mortgage insuranceNone (funding fee applies)
- Loan limitsNo limit for full entitlement
What's great
- No down payment required
- No private mortgage insurance
- Competitive interest rates
- Flexible credit and income requirements
Things to know
- Only available to eligible veterans, active duty, and surviving spouses
- One-time VA funding fee (can be rolled into loan)
- Property must be primary residence
Best for
Eligible veterans and active-duty service members who want to maximize their buying power
USDA Loan
Zero down for eligible rural areas
USDA loans are backed by the U.S. Department of Agriculture and are available in eligible rural and suburban areas. They offer 100% financing with no down payment — and you might be surprised how many areas qualify.
Key numbers
- Down payment0% required
- Min. credit score640 recommended
- Mortgage insuranceAnnual fee (lower than FHA)
- Income limitsMust be within area median income
What's great
- No down payment required
- Lower mortgage insurance than FHA
- Competitive fixed interest rates
- More areas qualify than most people expect
Things to know
- Property must be in an eligible rural or suburban area
- Income limits apply
- Primary residence only
Best for
Buyers purchasing in eligible rural or suburban areas who want zero-down financing
Side-by-side comparison
Not sure which loan fits? Here's the quick view.
| Feature | FHA | Conventional | VA | USDA |
|---|---|---|---|---|
| Min. down payment | 3.5% | 3% | 0% | 0% |
| Min. credit score | 580 | 620 | Varies | 640 |
| Mortgage insurance | Required | If < 20% down | None | Annual fee |
| Eligibility | Most buyers | Most buyers | Veterans/military | Rural/suburban |
| Property types | Primary only | Primary, vacation, investment | Primary only | Primary only |
Not sure which loan is right for you?
Book a free 30-minute consultation. We'll look at your situation and tell you exactly which programs you qualify for — no pressure, no obligation.
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