Conventional Loans
The most common fit for qualified buyers.
- 5-20% down payment options
- Fixed and adjustable-rate options
- Down payment assistance may be available
- Flexible credit and income paths
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Mortgage Loan Programs
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FHA Loans
A practical path for many first-time buyers.
- Low down payment options
- More flexible credit guidelines
- Seller credits may help with cash to close
- Mortgage insurance is typically required
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VA Loans
For eligible service members, veterans, and spouses.
- No down payment may be available
- No monthly PMI requirement
- VA funding fee rules may apply
- Strong fit for eligible military borrowers
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USDA Loans
For eligible rural and suburban properties.
- No down payment may be available
- Property eligibility matters
- Income limits apply
- Useful for eligible lower-density markets
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Jumbo Loans
For higher-balance home financing.
- For loan amounts above conforming limits
- Reserve requirements may apply
- Stronger documentation is common
- Multiple structure options may be reviewed
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Refinance
Review payment, term, or cash-out goals.
- Rate-and-term refinance review
- Cash-out options may be available
- VA IRRRL paths for eligible VA loans
- Break-even and payment impact should be compared
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Program Comparison
| Program | Min Down | Credit Profile | MI / Fees | Best For |
|---|---|---|---|---|
| Conventional | 5% | 620+ | Usually if under 20% down | Most qualified borrowers |
| FHA | 3.5% | 580+ | Yes | First-time buyers and flexible-credit paths |
| VA | 0% | Varies by lender | No monthly PMI | Eligible veterans and service members |
| USDA | 0% | Varies by lender | Guarantee fee applies | Eligible rural/suburban properties |
| Jumbo | 10%+ | Often higher | Varies | Higher-value homes |
Common Questions
What's the difference between these loan programs?v
Each program has different eligibility rules, costs, documentation needs, and borrower benefits. Zip can help compare fit before anything is treated as official.
What is PMI and when do I need it?v
PMI is private mortgage insurance. It is commonly required on conventional loans when the down payment is under 20%. FHA, VA, and USDA use different insurance or fee structures.
Can I switch programs?v
Often, yes. During review, your file may be compared across several paths so the tradeoffs are clear before a final loan structure is selected.
What documents do I need?v
Common documents include recent pay stubs, W-2s, tax returns when needed, bank statements, and ID. Self-employed borrowers usually need additional business-income documentation.
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