What sets each common loan type apart, and who each one tends to suit.
Conventional loans
Not backed by a government agency. Often a good fit with steady income and established credit. With a smaller down payment, conventional loans usually include private mortgage insurance, which can typically be removed later as you build equity.
FHA loans
Insured by the Federal Housing Administration and designed with more flexible down payment and credit guidelines. FHA loans carry mortgage insurance, and loan amounts are capped by county.
VA loans
For eligible veterans, service members and some surviving spouses. VA loans have flexible down payment requirements and no monthly mortgage insurance. Most borrowers pay a one-time funding fee, and some, including many veterans with a service-connected disability, are exempt.
USDA loans
For eligible homes in qualifying rural and some suburban areas, with household income limits. Availability depends on the property's location.
Jumbo loans
For loan amounts above the conforming limit in your county. Expect a closer look at credit, savings and documentation.
Which one fits you
The right loan depends on your plans, your timeline and your full financial picture, not a single number. David can walk you through the options that fit your situation.
General information, not advice for your situation and not a loan offer. Programs and guidelines change; David can tell you what applies to you.