Which mortgage program fits you?
Almost every U.S. home loan is one of a handful of programs. The right choice depends on your credit, your down payment, the price range you are shopping, where the home is located, how your income is documented, and whether you have served in the military. Start with the program that matches your situation, then run the calculators to see what the payment actually looks like.
Conventional
Read explainer →The standard mortgage most U.S. buyers actually use.
- Min down
- 3% (first-time) / 5%
- Min credit score
- 620
- Best fit
- 620+ score, stable income, looking for long-term lowest cost
FHA
Read explainer →Government-insured, friendlier credit and DTI rules.
- Min down
- 3.5%
- Min credit score
- 580
- Best fit
- Lower or thinner credit, higher debt loads, first-time buyers
VA
Read explainer →Zero down, no PMI, for eligible service members and veterans.
- Min down
- $0
- Min credit score
- No VA min (lenders use ~580)
- Best fit
- Veterans, active duty, Guard/Reserve, surviving spouses
Jumbo
Read explainer →For loan amounts above the conforming limit.
- Min down
- 10–20%
- Min credit score
- 700
- Best fit
- Loans over $806,500 (most counties); strong credit and reserves
USDA
Read explainer →Zero-down loans for eligible rural and small-town buyers.
- Min down
- $0
- Min credit score
- 640
- Best fit
- Buying in a USDA-designated area with income at or below 115% AMI
Non-QM
Read explainer →Bank-statement, DSCR, and asset-depletion loans outside agency rules.
- Min down
- 10–25%
- Min credit score
- 660
- Best fit
- Self-employed borrowers, investors, and asset-rich buyers
Compare every program in one table
The same eligibility fields each program page covers, lined up against each other. Scroll horizontally on smaller screens, then tap any program to read the full guide.
| Eligibility field | Conventional The standard mortgage most U.S. buyers use. | FHA Government-insured, friendlier credit and DTI. | VA Zero down, no PMI, for eligible service members. | Jumbo For loan amounts above the conforming limit. | USDA Zero-down loans for eligible rural and small-town buyers. | Non-QM Bank-statement, DSCR, and asset-depletion loans outside agency rules. |
|---|---|---|---|---|---|---|
| Minimum credit score | 620 | 580 with 3.5% down; 500 with 10% down | No VA minimum (lenders typically use 580–620) | Typically 700 (some programs allow 680) | 640 (some lenders go to 620 with manual underwriting) | Typically 660; best pricing at 700–720+ |
| Minimum down payment | 3% (first-time) / 5% otherwise; 20% to skip PMI | 3.5% (with 580+ score) | $0 in most cases | 10–20% depending on lender and loan size | $0 (true 100% financing) | 10% owner-occupied bank-statement; 20–25% DSCR/investment |
| Debt-to-income (DTI) | Up to 45% (sometimes 50% with strong factors) | Up to 50%+ with compensating factors | No hard cap; 41% soft target with residual income | 43% soft ceiling at most lenders | 29% housing / 41% total target; higher with compensating factors | Up to 50% on bank-statement; DSCR uses property cash flow |
| Mortgage insurance | PMI required under 20% down; cancels at 78% LTV | 1.75% upfront + annual MIP; usually for life of loan | None, replaced by one-time VA funding fee | Usually none with 20% down | 1.0% upfront + 0.35% annual fee for life of loan | Usually none; lenders price the risk into the rate |
| Loan limits (2026) | $806,500 single-family (most counties, 2026) | $524,225 single-family (most counties, 2026) | No limit with full entitlement; conforming otherwise | Above $806,500 in most counties (2026) | No fixed cap; constrained by income and area limits | Lender-set; often well above conforming limits |
| Property types | Primary, second home, investment | Primary residence only (1–4 units, owner-occupied) | Primary residence only (1–4 units, owner-occupied) | Primary, second home, investment (extra requirements) | Primary residence only in USDA-eligible areas | Primary, second home, 1–4 unit investment (some 5–10 unit) |
| Upfront fee | None | 1.75% UFMIP (typically rolled into loan) | 2.15%–3.3% funding fee; waived for disabled veterans | None; 6–12 months reserves required | 1.0% guarantee fee (typically rolled into loan) | None standard; 3–12 months reserves required |
| Full guide | Read Conventional guide → | Read FHA guide → | Read VA guide → | Read Jumbo guide → | Read USDA guide → | Read Non-QM guide → |
Decision guides
Side-by-side breakdowns of the choices buyers ask about most.
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