Conventional, FHA, VA, and USDA each qualify a different kind of buyer. The right one usually comes down to down payment, credit profile, service history, and where the property sits.
Each program has its own down payment minimum, insurance structure, and eligibility rules. Here's the shape of each one.
Agency-backed financing for buyers with steady credit and some down payment saved. The most flexible program for primary residences, second homes, and refinances.
Government-backed financing with more flexible credit standards, popular with first-time buyers and borrowers rebuilding credit.
For eligible veterans, active-duty service members, and certain surviving spouses — no down payment and no monthly mortgage insurance.
Zero-down financing for eligible properties in designated rural and suburban areas, with household income limits.
Agency-backed financing for buyers with steady credit and some down payment saved. The most flexible program for primary residences, second homes, and refinances.
Government-backed financing with more flexible credit standards, popular with first-time buyers and borrowers rebuilding credit.
For eligible veterans, active-duty service members, and certain surviving spouses — no down payment and no monthly mortgage insurance.
Zero-down financing for eligible properties in designated rural and suburban areas, with household income limits.
A starting point for the conversation — actual terms depend on lender guidelines, credit, and the property.
| Program | Min Down | Mortgage Insurance | Credit Flexibility | Best For |
|---|---|---|---|---|
| Conventional | 3–5% | PMI, removable at ~20% equity | Standard | Buyers with stronger credit & some savings |
| FHA | 3.5% | Upfront + annual MIP | More flexible | First-time buyers, lower credit scores |
| VA | 0% | None — one-time funding fee | Flexible | Eligible veterans & service members |
| USDA | 0% | Guarantee fee, no PMI | Flexible | Eligible rural/suburban properties, income limits apply |
Business owners, freelancers, and 1099 contractors often write off enough that their tax returns don't reflect what they actually bring in. These programs qualify you a different way.
Qualify using 12–24 months of personal or business bank deposits instead of tax returns — built for business owners whose write-offs lower their reported income.
For self-employed borrowers who qualify off a CPA-prepared profit-and-loss statement or liquid assets rather than standard income documentation.
Qualify using 12–24 months of personal or business bank deposits instead of tax returns — built for business owners whose write-offs lower their reported income.
For self-employed borrowers who qualify off a CPA-prepared profit-and-loss statement or liquid assets rather than standard income documentation.
Note: Figures above are general program characteristics, not a quote. Actual down payment, mortgage insurance, and eligibility depend on the specific lender, your credit profile, the property, and current guidelines — we'll confirm exact numbers once we talk it through.
Send over the basics — down payment saved, credit range, and whether you've served — and we'll narrow it down to the program that actually applies.