Home Loan Comparisons 

Max loan amount (2022)

$647,200

$420,680

$2M for 100% financing

Territory and income based

Any amount over conventional loan max Non-conforming loan. No limit

Max Debt-To-Income ratio (DTI)

50% May vary based on other credit factors

55% May vary based on other credit factors

55% May vary based on other credit factors

43%

43%

Down payment

As low as 3% down

3.5% minimum down payment

100% financing No down payment

100% financing No down payment

As low as 10% down (depending on property type and other factors)

Personal Mortgage Insurance (PMI)

Yes. If down payment is less than 20%

Yes. Referred to as Mortgage Insurance Premium (MIP)

No. Funding fees applicable for non-exempt

Yes. Upfront guarantee fee of 1% and monthly fee

No. Even with less than 20% down

Property Types *Certain property types will have conditions

Primary, Vacation & Investment allowed - Single-family Condos Townhomes Multi-family Manufactured

Must be primary residence- Single-family Condos Townhomes Multi-family Manufactured

Must be your primary residence- Single-family Condos Townhomes Multi-family Manufactured

Must be your primary residence- Single-family Condos Townhomes Manufactured

Primary, Vacation & Investment allowed- Single-family Condos Multi-family units

How easy to obtain?

More difficult

Easiest to obtain

Only veterans, active duty, and spouses

Income & location based

Stricter guidelines due to higher risk for lender

Minimum credit score requirements

620

580

580

640

660

Other factors

Sellers prefer working with conventional loan buyers. PMI can be dropped when you reach 20% equity.

Good for first time home buyers (FTHB). Possible to obtain even with debt and credit issues. FHA allows for higher seller credits. MIP for life of loan unless 10% down and then MIP for 11 years.

Veterans or active duty with 180 days served. Can own multiple homes with enough entitlement. Lower interest rates.

Limited to USDA-eligible geographic areas. Lower interest rates. Lower mortgage insurance than FHA.

Higher closing costs. No mortgage insurance with less than 20%. Higher interest rate. Reserves required (typically 6 months of proposed mortgage payment).