Loan Programs

FHA loans are government-insured with lower credit score requirements (580 minimum) and 3.5% down, but require mortgage insurance for the life of the loan. Conventional loans require higher scores (typically 620+) but allow PMI removal at 80% LTV.

A jumbo loan exceeds the conforming loan limits set by the FHFA. In most areas the 2025 limit is $806,500 for a single-family home. Jumbo loans typically require higher credit scores, larger down payments, and more reserves.

No. VA loans offer 100% financing with no down payment requirement for eligible veterans and active-duty service members. There is a VA funding fee that can be financed into the loan or waived for veterans with service-connected disabilities.

Non-QM (non-qualified mortgage) loans do not meet the Consumer Financial Protection Bureau qualified mortgage standards. They serve borrowers who cannot qualify through traditional documentation, such as bank statement borrowers, foreign nationals, or investors using DSCR.

The best program depends on your credit score, down payment, property type, income documentation, and military service status. Comparing loan estimates from multiple lenders across different programs is the most effective way to identify the optimal choice.

Yes, in most cases you can switch programs before closing, though it may require re-underwriting and could affect your timeline. Discuss options with your loan officer early in the process.

For 2025, the conforming loan limit is $806,500 in most areas and up to $1,209,750 in high-cost areas. Limits are adjusted annually by the FHFA based on home price changes.