CONVENTIONAL, FHA, OR SPECIAL PROGRAMS
Mortgage loans are organized into categories based on the size of the loan and whether they are part of a government program.
This choice affects:
- How much you will need for a down payment
- The total cost of your loan, including interest and mortgage insurance
- How much you can borrow, and the house price range you can consider
Choosing the right loan type
Each loan type is designed for different situations. Sometimes, only one loan type will fit your situation. If multiple options fit your situation, try out scenarios and ask lenders to provide several quotes so you can see which type offers the best deal overall.
- Majority of loans
- Typically cost less than FHA loans but can be harder to get
- VA: For veterans, servicemembers, or surviving spouses
- USDA: For low- to middle-income borrowers in rural areas
- Local: For low- to middle-income borrowers, first-time homebuyers, or public service employees