How do I choose between FHA, USDA, and VA?

FHA loans are open to any qualified buyer—3.5% down and more flexible credit. USDA loans are for eligible rural and suburban properties—$0 down, with income and location limits. VA loans are for eligible veterans and service members—often $0 down and no monthly PMI. If you qualify for VA, it is often the strongest option. USDA fits when the property and your income qualify. FHA is the usual path when down payment or credit is the constraint.

What is a conventional mortgage?

A conventional loan is not insured by FHA, VA, or USDA. Most 30-year fixed, 15-year fixed, and ARM offers are conventional. Lenders often look for a 620 credit score or higher. Down payments of 3–5% are common, and 20% down avoids private mortgage insurance. Compare 30-year , 15-year , and ARM rates, or see today’s offers .

What credit score do I need for a mortgage?

Conventional loans typically look for 620 or higher for the best options; some lenders go lower with a larger down payment. FHA can work with scores in the 500s, with 580 the usual line for 3.5% down. USDA and VA are often more flexible than conventional. A higher score generally means a lower rate.

How much down payment do I need?

Conventional loans often allow 3–5% down, with mortgage insurance below 20%. FHA is 3.5% down for most buyers. USDA and VA can be $0 down when you and the property qualify. Construction and non-QM loans usually need more cash, and the amount depends on the program.

What is a non-QM loan?

Non-QM means the loan does not follow the standard qualified-mortgage rules that Fannie Mae and Freddie Mac use. Lenders may use bank statements, 1099s, rental income (DSCR), or assets instead of tax-return income. These loans fit self-employed buyers, investors, and borrowers with a recent credit event. See non-QM loans .

Mortgage loans

A mortgage is the loan you use to buy a home. Programs differ on down payment, credit, occupancy, and who can qualify. Start with the loan that fits, then compare today’s rates or check eligibility with a lender.

Compare today’s rates

Loan programs

Government-backed loans, construction financing, and non-QM options sit next to standard conventional mortgages. Open a program for requirements and rates.