Home Loan Comparisons 

We’ve created a loan comparison chart for your convenience. This chart compares some of the most common requirements and the differences between five popular loan programs.
Real estate agent broker and customer with loan or insurance contract documents.
Conventional FHA VA USDA Jumbo
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).

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