Loan Programs
Every buyer's situation is different. Here's an educational overview of the four main loan programs — no rates, no guarantees, just clear information to help you understand your options.
FHA Loans
Backed by the Federal Housing Administration, FHA loans are designed to help buyers with moderate credit scores or limited down payment savings access homeownership.
- Down payment as low as 3.5% with a 580+ credit score
- More flexible debt-to-income ratio guidelines
- Requires mortgage insurance premium (MIP) for the life of most loans
- Loan limits vary by county and are set annually by HUD
Conventional Loans
Conventional loans are not government-backed and typically offer more flexibility for buyers with stronger credit and larger down payments.
- Down payment as low as 3% for qualifying buyers
- PMI required if down payment is less than 20% — but can be cancelled at 20% equity
- Generally requires a credit score of 620 or higher
- Available in fixed-rate and adjustable-rate (ARM) structures
VA Loans
Exclusively available to eligible veterans, active-duty service members, and surviving spouses, VA loans are one of the most powerful home financing tools available.
- No down payment required for eligible borrowers
- No private mortgage insurance (PMI)
- Requires a VA funding fee (may be financed into the loan)
- Requires a Certificate of Eligibility (COE) from the VA
USDA Loans
Backed by the U.S. Department of Agriculture, USDA loans support homeownership in designated rural and suburban areas for eligible buyers.
- No down payment required for eligible buyers and properties
- Income limits apply — designed for low to moderate-income households
- Property must be in a USDA-eligible area (check the USDA map)
- Requires an upfront and annual guarantee fee