Conventional
- Borrower criteria varies by lender and loan type.
- Can have a fixed or adjustable interest rate.
- Credit score, down payment, and occupancy requirements vary.
- Used for a wide range of occupancy types.
Loan options
Pick the mortgage path that fits the borrower, property, and plan.
Each program has different rules for down payment, equity, credit, income, property type, occupancy, mortgage insurance, and documentation.
Major Mortgage Types
Explore your loan options
FHA
- Backed by the government.
- Can have a fixed or adjustable interest rate.
- Lenders may require minimum credit standards.
- Available with lower down payment options for eligible borrowers.
- Commonly used for primary residence financing.
VA
- For eligible Veterans, military members, and surviving spouses.
- Backed by the government.
- Can have a fixed or adjustable interest rate.
- Lenders may require minimum credit standards.
- May allow no down payment with full entitlement.
- Used for primary residence financing.
USDA
- Available to buyers who meet specific income and location criteria.
- Backed by the government.
- Most are fixed-rate loans.
- May include additional fees.
- Used for primary residence financing.
Program availability, credit requirements, down payment options, fees, and eligibility depend on the lender, property, occupancy, underwriting guidelines, and applicable agency rules. This content is educational and is not an approval or commitment to lend.
Conventional
For eligible borrowers using conforming or agency investor guidelines.
02FHA
Government-insured financing with program-specific mortgage insurance.
03VA
For eligible Veterans, service members, and qualifying surviving spouses.
04Jumbo
For loan amounts above standard conforming limits.
05Refinance
Review payment, term, loan type, or payoff strategy.
06Cash-out
Use available home equity when the numbers and guidelines make sense.
Government and agency resources
Loan option comparison
The CFPB encourages borrowers to compare loan type, rate type, term, payment features, upfront costs, and long-term affordability before selecting a mortgage.
CFPB loan optionsFHA overview
HUD explains FHA-insured loans and related homebuying resources for borrowers who want to understand government-backed loan options.
HUD FHA loansVA eligibility
VA explains eligibility for VA-backed home loan benefits and how the benefit may be used through participating lenders.
VA eligibilityHomeReady
Fannie Mae describes HomeReady as a low down payment option for eligible borrowers who meet program and underwriting requirements.
Fannie Mae HomeReady