Home loans are not one-size-fits-all. Whether you are a first-time buyer or refinancing to lower your payment, compare a few key features across the programs we arrange, then open any one for the details.
| Loan option | Low down payment | Fixed-rate option | Flexible terms | Easier to qualify |
|---|---|---|---|---|
| Conventional loans A conventional loan is not insured or guaranteed by the federal government, which makes it different from FHA, VA and USDA programs. With a higher down payment, borrowers can get competitive rates and avoid mortgage insurance. | ✓ | ✓ | ✓ | – |
| Jumbo home loans A jumbo loan is a non-conforming loan used to finance a home above the conforming loan limit. It suits borrowers with strong credit and healthy reserves buying a larger home. | – | ✓ | ✓ | – |
| FHA home loans The FHA program is managed by the Department of Housing and Urban Development. FHA loans are insured by the government, which lets lenders accept a down payment as low as 3.5% and more flexible credit. | ✓ | ✓ | ✓ | ✓ |
| VA home loans Guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, service members and surviving spouses. No down payment and no monthly mortgage insurance. | ✓ | ✓ | ✓ | ✓ |
| USDA home loans The U.S. Department of Agriculture guarantees loans for eligible properties in designated rural areas. No down payment is required, and income limits apply. | ✓ | ✓ | – | ✓ |
| Investment property loans Financing for rental and investment properties. Larger down payments and reserves are usually required, and DSCR programs can qualify on the property's rent instead of your income. | – | ✓ | ✓ | – |
Feature marks are general. Program rules, limits and qualifying depend on the lender and your scenario.