Loan options
Every program has a tradeoff. Here is how to compare them.
The best loan is the one that matches your down payment, credit, property and how long you plan to keep it. This is the plain-English version.
Quick answer
What is the difference between FHA and conventional?
FHA generally allows lower credit scores and a 3.5% down payment, but carries mortgage insurance that often stays for the life of the loan. Conventional can require a higher score, allows as little as 3% down for some buyers, and lets mortgage insurance drop off once you reach enough equity. Which is cheaper depends on your score, down payment and how long you keep the loan.
Written and reviewed by Abdel Khawatmi, Area Manager at Got Mortgages (NMLS #1712023) ·
How to choose between programs
Start with the property
Condo, multi-family, shore or flood-zone properties narrow the list before anything else does.
Then the down payment
How much cash you keep matters as much as how much you put down.
Then the time horizon
A loan you keep for four years should be priced differently than one you keep for thirty.
Programs we work with
- Conventional
- FHA
- VA
- USDA where eligible
- Jumbo and luxury
- DSCR / investor
- Renovation financing
- New construction
- Down payment assistance / NJHMFA
- Bank statement and self-employed options
- HELOC and second liens
- Non-QM: bank statement, P&L, asset depletion, 1099, ITIN and foreign national
Explore every loan program
Each program page walks through who it fits, documentation and tradeoffs.
- Conventional loansFlexible financing with as little as 3% down for qualified buyers.
- FHA loansLower credit and down payment minimums backed by the FHA.
- VA loansZero-down financing for eligible veterans and service members.
- USDA loansNo-down-payment financing in eligible rural and suburban areas.
- Jumbo loansFinancing above conforming limits for higher-value homes.
- DSCR loansInvestor financing qualified on property cash flow, not personal income.
- Multifamily financingLoans for two-to-four unit properties and small multifamily buys.
- Self-employed borrower programsBank statement and alternative-income options for business owners.
- First-time homebuyer programsPrograms built around lower down payments and buyer education.
- Down payment assistanceGrants and second-lien programs that reduce cash needed at closing.
- Renovation & 203(k) loansFinance the purchase and the renovation in a single mortgage.
- Non-QM loansAlternative documentation lending when agency guidelines do not fit.
- Bank statement loansQualify on business or personal deposits instead of tax returns.
- Profit and loss loansA CPA-prepared P&L stands in for full income documentation.
- Asset depletion loansUse liquid assets to support qualifying income.
- 1099 income loansContractors and gig earners qualified from 1099s.
- ITIN loansHome financing for borrowers using an ITIN.
- Foreign national loansFinancing for buyers without US credit or US income.
- Financing after a credit eventOptions after bankruptcy, foreclosure or a short sale.
Questions people actually ask
- FHA is more forgiving on credit and allows 3.5% down, but carries mortgage insurance for the life of the loan in most cases. Conventional can start at 3% down and its mortgage insurance can be removed later.
Not sure which program fits?
Answer five questions and we will narrow it down for you.
Educational information only. Not a commitment to lend, an offer of credit, or a guarantee of terms, approval, savings, or timing. All scenarios are illustrative and anonymized. Equal Housing Opportunity.