Mortgage Loan Programs
Every loan program has different requirements, benefits, and costs. Use this guide to understand which loan type fits your situation — whether you’re a first-time buyer, a veteran, a rural buyer, a self-employed borrower, or a real estate investor.
Quick Comparison: All Loan Programs
Side-by-side overview of key requirements across all major mortgage programs.
| Loan Program | Min. Down | Min. Credit | Mortgage Insurance | Income Limits | Property |
|---|---|---|---|---|---|
| FHA Loan | 3.5% | 580 (500 with 10% down) | Life of loan (MIP) | None | Primary only |
| VA Loan | 0% | 620 (lender standard) | None (funding fee) | None | Primary only |
| Conventional | 3% | 620 | PMI (cancels at 20%) | None | Primary, 2nd, investment |
| USDA Loan | 0% | 640 | Low annual fee (0.35%) | 115% AMI max | Rural/suburban primary |
| Jumbo Loan | 10–20% | 700–720+ | Usually none | None | Primary, 2nd, investment |
| Bank Statement | 10–20% | 660+ | Usually none | None | Primary, 2nd, investment |
| DSCR Investor | 20–25% | 660+ | Usually none | None (property income) | Investment only |
| Commercial | 25–35% | 680+ | None | None | Commercial/multifamily |
Government-Backed Loan Programs
FHA Loans
Flexible credit requirements and low down payment. Ideal for first-time buyers and borrowers with credit challenges.
VA Loans
No down payment. No mortgage insurance. Competitive rates. The best mortgage option available for eligible military borrowers.
USDA Loans
Zero down payment for eligible rural and suburban buyers who meet income limits. Very low annual fee.
Conventional Loans
The most common mortgage. PMI cancels at 20% equity. Best value for borrowers with strong credit and stable income.
Specialty & Investor Loan Programs
Jumbo Loans
For purchases above the $806,500 conforming limit. Requires stronger credit and larger reserves.
Bank Statement Loans
Qualify using 12–24 months of deposits instead of tax returns. Built for self-employed borrowers.
DSCR Investor Loans
Qualify based on property cash flow — no personal income required. Scale your portfolio without DTI limits.
Commercial Real Estate Loans
Finance income-producing commercial properties. Evaluated on NOI, DSCR, LTV, and borrower net worth.