Residential Mortgages

Conventional

FHA

VA

How Can I Qualify?

Conventional Loans

A Conventional Loan is a standard mortgage not insured by the federal government. It's ideal for borrowers with good credit and stable income. These loans often offer competitive interest rates and flexible terms.

  • Minimum credit score of 620 or higher

  • Stable income and employment history (typically 2 years)

  • Debt-to-income (DTI) ratio below 45% (can vary by lender)

  • Down payment of at least 3% (5% for most buyers, 20% avoids PMI)

  • Property must meet standard appraisal and condition guidelines

  • Acceptable asset documentation for reserves and down payment

FHA

An FHA Loan is backed by the Federal Housing Administration and designed for first-time buyers or those with less-than-perfect credit. It allows for low down payments and more flexible guidelines.

  • Minimum credit score of 580 (for 3.5% down) or 500–579 (with 10% down)

  • Down payment as low as 3.5%

  • Debt-to-income ratio typically under 50%

  • Must occupy the home as primary residence

  • Steady income and employment history

  • FHA-approved appraisal and property standards

  • Upfront and monthly mortgage insurance premiums (MIP) required

VA

A VA Loan is a mortgage backed by the Department of Veterans Affairs. It’s available to eligible veterans, active-duty service members, and some surviving spouses. It features zero down payment, no PMI, and competitive rates.

  • Must have VA eligibility certificate (COE)

  • Satisfy military service requirements (active duty, veteran, or spouse)

  • Minimum credit score typically 580–620

  • Stable income and acceptable residual income (VA-specific calculation)

  • Property must be a primary residence

  • No private mortgage insurance (PMI) required