There’s no single “best” mortgage, only the one that’s best for your situation. Compare your options below, then talk to a loan officer who can walk you through the numbers.
|
Loan Type
|
Min. Down Payment
|
Min. Credit Score
|
Mortgage Insurance
|
Best For
|
|---|---|---|---|---|
|
Conventional
|
3%
|
620
|
Only if <20% down (PMI)
|
Strong credit & stable income
|
|
FHA
|
3.5%
|
580
|
Required (upfront + monthly)
|
First-time buyers
|
|
VA
|
0%
|
No set minimum*
|
None
|
Veterans & active-duty military
|
|
Jumbo
|
10–20%
|
680–700
|
Varies by lender
|
Above-conforming-limit homes
|
|
USDA
|
0%
|
640
|
Required (lower rate than FHA)
|
Eligible rural/suburban buyers
|
*Set by individual lenders, not the VA itself.
Not backed by a government agency — funded by private lenders and often sold to Fannie Mae or Freddie Mac. The most common loan type for buyers with solid credit and steady income.
Min. Down
Min. Credit
Best For
Buyers with credit scores 620+ and a stable income history.
Backed by the Federal Housing Administration, built specifically to make homeownership accessible to buyers who might not qualify for a conventional loan.
Min. Down
Min. Credit
Best For
First-time buyers, or anyone rebuilding credit.
A benefit earned through military service — one of the strongest loan programs available, with no down payment and no monthly mortgage insurance.
Min. Down
No VA Minimum*
Best For
Veterans, active-duty service members, and eligible surviving spouses.
For loan amounts that exceed the conforming loan limits set by the Federal Housing Finance Agency — typically needed for higher-priced homes.
Min. Down
Min. Credit
Best For
Buyers purchasing above-average priced homes in competitive markets.
A 0%-down program for eligible rural and suburban properties, backed by the U.S. Department of Agriculture.
Min. Down
Min. Credit
Best For
Buyers in eligible areas who qualify under income limits.
Not a purchase loan — a way to replace your existing mortgage with new terms.
Min. Down
Min. Credit
Best For
Current homeowners looking to lower payments, shorten their term, or access equity.
Yes — we’ll typically pre-qualify you for a couple of options so you can compare real numbers side by side.
That’s normal, and exactly what a loan officer is for. Most buyers start with a quick conversation, not a decision.
Not necessarily — but it may mean added mortgage insurance costs. We’ll show you the full picture, not just the headline number.
Tell us a bit about your situation and we’ll point you toward the right program — no guesswork required.