Home / Loan programs
Loan programsThe right loan depends on credit, down payment, occupancy, how your income is documented, and where the property sits, not on which product is easiest to pitch. Here is how each one works and who it fits.
Conventional (Fannie Mae / Freddie Mac) plus FHA, VA, and USDA. Most owner-occupants start here.
The lowest total cost for buyers with solid credit. Mortgage insurance drops off once you reach 20% equity, unlike FHA.
Built for buyers with limited savings or credit that is still recovering. Government-insured, so guidelines are more forgiving than conventional.
For eligible veterans, active duty, and surviving spouses. No down payment and no monthly mortgage insurance, the strongest program in the market.
No down payment in eligible rural and suburban areas. Income limits apply by county.
Jumbo above the county conforming limit, renovation that wraps eligible repairs into one mortgage, and commercial/SBA conversations that are not a consumer 1003.
Above the conforming limit. Tighter reserves and credit standards, priced case by case.
Finance the purchase and the work in one loan, underwritten on what the house will be worth when the work is done, not what it is worth today.
Investment property, mixed use, multifamily, SBA 7(a) and 504, and short-term bridge financing for fix-and-flip projects.
Non-agency products when tax returns or personal DTI are the wrong underwrite. Credit floors, LTV, reserves, DSCR tests, and property rules vary by investor. Availability depends on licensing and the overlay on your file. Not a commitment to lend.
Self-employed and 1099 borrowers qualified on 12 months of bank statements instead of tax returns. Non-QM; investor guidelines apply.
Rental and investment property qualified on the property’s cash flow against the payment, not personal DTI. Non-QM; investor guidelines apply.
| Program | Family | Minimum down | Credit | Mortgage insurance | Best for |
|---|---|---|---|---|---|
| Conventional | Retail & agency | 3% | 620 | Cancellable | The lowest total cost for buyers with solid credit. Mortgage insurance drops off once you reach 20% equity, unlike FHA. |
| FHA | Retail & agency | 3.5% | 580 | Life of loan | Built for buyers with limited savings or credit that is still recovering. Government-insured, so guidelines are more forgiving than conventional. |
| VA | Retail & agency | 0% | 580 | None | For eligible veterans, active duty, and surviving spouses. No down payment and no monthly mortgage insurance, the strongest program in the market. |
| USDA | Retail & agency | 0% | 640 | Guarantee fee | No down payment in eligible rural and suburban areas. Income limits apply by county. |
| Jumbo | Specialty | 10–20% | 700 | Usually none | Above the conforming limit. Tighter reserves and credit standards, priced case by case. |
| Renovation | Specialty | 3.5% | 620 | Program-based | Finance the purchase and the work in one loan, underwritten on what the house will be worth when the work is done, not what it is worth today. |
| Commercial & SBA | Specialty | 10–25% | Varies | N/A | Investment property, mixed use, multifamily, SBA 7(a) and 504, and short-term bridge financing for fix-and-flip projects. |
| Bank statement | Non-QM | Investor-set | Investor-set | None (non-QM) | Self-employed and 1099 borrowers qualified on 12 months of bank statements instead of tax returns. Non-QM; investor guidelines apply. |
| DSCR | Non-QM | Investor-set | Investor-set | None (non-QM) | Rental and investment property qualified on the property’s cash flow against the payment, not personal DTI. Non-QM; investor guidelines apply. |
Program parameters, not a commitment to lend. Loan limits, premiums, and Non-QM overlays are set by the agencies and investors and change; each program page links to the official source where one exists.
Three quick steps, no Social Security number. A licensed officer runs your file against every program that could apply and shows you the numbers side by side.
Usually conventional with 3% down if your credit is in the high 600s or better, FHA with 3.5% down if credit is still recovering or your debt ratio is high, VA if you are eligible, and USDA if the address and household income qualify. In Pennsylvania and New Jersey, PHFA and NJHMFA assistance can sit on top of several of these.
Non-QM means the loan does not follow the agency "qualified mortgage" rules and is underwritten to a private investor's guidelines instead. It fits self-employed borrowers whose tax returns understate cash flow (bank statement loans) and investors who want a rental qualified on the property's income rather than personal debt ratios (DSCR). If an agency loan qualifies on the returns, it is usually the cheaper path, so we check that first.
We run your actual file, credit, income, and assets, through the guidelines for each program that could apply and show you the payment and cash-to-close side by side. That takes one short form and a phone call, not a guess from a chart.
Loan limits, insurance premiums, fees, and Non-QM investor overlays change, some annually and some without notice. These pages describe how each program works and link to the official source for the current figures rather than printing numbers that go stale.
Ready to see what you qualify for?