Plain-English guides to every kind of US mortgage
FHA, VA and USDA
Conforming, jumbo and PMI
Bank-statement, DSCR and more
ITIN, green card and visas
Choosing a loan and getting help
Independent mortgage guides
Compare FHA, VA, USDA, conventional, jumbo, non-QM and ITIN loans side by side. Every guide is written in plain language, checked against official sources and dated, so you know what is current.
Typical minimums from official program rules. Lenders can set stricter rules of their own.
Best for: Lower credit scores and small down payments
Read the FHA guideBest for: Veterans, service members and eligible spouses
Read the VA guideBest for: Moderate-income buyers in eligible rural and suburban areas
Read the USDA guideBest for: Good credit and buyers who want to drop mortgage insurance later
Read the Conventional guideBest for: Loan amounts above the conforming limit
Read the Jumbo guideBest for: Self-employed, investors and non-traditional income
Read the Non-QM guideBest for: Borrowers who file taxes with an ITIN instead of an SSN
Read the ITIN guideLoan limits for 2026: conforming $832,750 baseline, up to $1,249,125 in high-cost areas; FHA $541,287 to $1,249,125 by county. “Often” marks typical market ranges, not program rules.
The same facts in one table. Scroll sideways on a phone.
| Program | Minimum down | Credit score | Mortgage insurance | Who backs it |
|---|---|---|---|---|
| FHA loan | 3.5% | 580+ (500–579 with 10% down) | Upfront + annual MIP | HUD (Federal Housing Administration) |
| VA loan | 0% | No program minimum; lenders set one | No monthly MI; one-time funding fee unless exempt | US Department of Veterans Affairs |
| USDA loan | 0% | No program minimum; lenders set one | Upfront + annual guarantee fee | US Department of Agriculture |
| Conventional loan | 3% | Often 620+ | PMI under 20% down; removable | Private lenders; most sold to Fannie Mae or Freddie Mac |
| Jumbo loan | Often 10–20% | Often 700+ | Usually none; larger down payment instead | Private lenders and investors |
| Non-QM loan | Often 10–25% | Varies by lender | Usually none; higher rates and down payment | Private lenders and investors |
| ITIN loan | Often 10–20% | Varies by lender | Usually none; higher rates and down payment | Private lenders, credit unions and community banks |
Pull your free credit reports, add up monthly debts and decide what payment feels safe, not just what a lender approves.
Use the table above to shortlist two or three programs that fit your credit, savings, status and the home you want.
Check your state housing finance agency and local programs for down payment and closing cost assistance before you shop.
Apply with at least three lenders on the same day and compare the standard Loan Estimate forms line by line.
Many guides here cover buying with a green card, a work visa, DACA or an ITIN. Selected guides are written natively in Spanish, Chinese, Vietnamese, Korean and Tagalog.
Non-QM and self-employed
How a bank statement loan works for self-employed buyers: 12 vs 24 months, personal vs business statements, expense factors, documents, costs, red flags.
Conventional and jumbo loans
What a conventional loan requires in 2026: the $832,750 conforming limit, credit score rules, DTI caps, 3% down options like HomeReady, PMI and reserves.
First-time buyers
How down payment assistance works: grants, forgivable and deferred seconds, matched savings and MCCs, finding your state HFA, the rules and the catches.
Government-backed loans
What you need for an FHA loan in 2026: 580 and 500 credit tiers, 3.5% down, MIP costs, county loan limits, DTI rules and who no longer qualifies.
Government-backed loans
FHA vs conventional loans compared for 2026: credit, down payment, MIP vs PMI, loan limits and DTI, with hypothetical cost examples of when each wins.
Immigrant home buyers
How an ITIN mortgage works in 2026: why FHA and most conventional loans are off the table, who lends, typical requirements, documents and scams to avoid.
We check program rules against HUD, VA, USDA, FHFA, CFPB, Fannie Mae, Freddie Mac and IRS pages, and link to them.
Every guide shows when it was published, updated and last reviewed, and every source carries an “as of” date.
We are not a lender or broker. No company can buy a mention or change what we write.
If we get something wrong, we correct it and note the change under our corrections policy.
For most buyers it is an FHA loan, because HUD allows credit scores down to 580 with 3.5% down. VA and USDA loans can be easier still if you are eligible, since they need no down payment. Lenders may set higher minimums than the programs do.
VA and USDA loans can require 0% down for eligible borrowers. Next come conventional loans at 3% down through programs such as HomeReady and Home Possible, and FHA at 3.5% down with a 580 or higher credit score.
Yes. Lawful permanent residents can use most programs on the same terms as citizens. Other non-citizens can often use conventional loans with proof of lawful status and work authorization, and people without a Social Security number may qualify for ITIN loans from specialist lenders.
The baseline conforming loan limit for a one-unit home in 2026 is $832,750, set by FHFA. It is higher in designated high-cost areas. Loans above the limit for your county are jumbo loans.
No. We are an independent publication. We do not make loans, take applications, or sell your information, and we do not accept payment to recommend a lender.
Each guide shows its published, updated and reviewed dates, and each source lists the date we checked it. Loan limits and fees change every year, so always confirm the current figure on the official page we link to.
Down payment assistance is money from a state, city, county or nonprofit program to help with your down payment or closing costs. It may be a grant, a forgivable loan, or a deferred second mortgage that you repay when you sell or refinance.
No. FHA allows scores from 580 for 3.5% down, and conventional loans usually start around 620. A higher score lowers your rate and mortgage insurance cost, so it can pay to improve your credit before you apply.
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