Mortgage options, made clearer
A home loan that fits your next chapter.
Your goals, your finances, your future home. Compare five mortgage options, then let’s talk through what could work for you.
Five paths. One place to start.
Use this quick comparison to understand the differences. Your loan officer can help you review program availability and your individual eligibility.
| Loan program | May suit | Down payment basics | Mortgage insurance / fees |
|---|---|---|---|
| Conventional | Buyers with established credit and documented income | Low-down-payment options may be available to eligible buyers. | Private mortgage insurance is generally required with less than 20% down; cancellation may be possible under applicable rules. |
| FHA | Eligible buyers seeking flexible credit or down payment guidelines | A lower down payment may be available, depending on credit and program requirements. | Upfront and annual mortgage insurance premiums generally apply; duration depends on loan terms. |
| VA | Eligible veterans, service members, and certain surviving spouses | No down payment may be required with sufficient entitlement and qualifying financing. | No monthly mortgage insurance; a VA funding fee may apply unless exempt. |
| USDA | Income-eligible buyers purchasing in USDA-eligible areas | No down payment may be required for eligible borrowers and properties. | An upfront guarantee fee and annual fee generally apply. |
| Jumbo | Qualified buyers needing financing above conforming limits | Down payment and reserve requirements vary by program. | Mortgage insurance requirements depend on the lender and loan structure. |
Get to know your options
Look beyond the program name. Down payment, ongoing costs, property eligibility, and your longer-term plans all matter.
Conventional
Flexible financing for a range of homebuyers
A mortgage that is not insured or guaranteed by a government agency. Conforming conventional loans meet applicable loan limits and agency guidelines.
Key benefits
- Options for primary homes, second homes, and investment properties, subject to guidelines.
- Potential to avoid private mortgage insurance with a qualifying down payment.
Eligibility basics
Credit history, debt-to-income ratio, income, assets, property type, and applicable loan limits are reviewed.
FHA
An accessible route to homeownership
A mortgage insured by the Federal Housing Administration, often considered by buyers seeking a lower down payment or more flexible credit guidelines.
Key benefits
- More flexible credit guidelines than some conventional programs.
- Eligible gift funds may help with down payment or closing costs.
Eligibility basics
The home must generally be a primary residence and meet FHA property standards. Credit, income, debts, and local loan limits apply.
VA
A homebuying benefit earned through service
A mortgage backed by the U.S. Department of Veterans Affairs for eligible veterans, service members, and certain surviving spouses.
Key benefits
- Potential to finance a home without a down payment.
- No monthly mortgage insurance requirement.
Eligibility basics
A Certificate of Eligibility, sufficient entitlement, primary occupancy, lender qualification, and VA property requirements are generally needed.
USDA
Explore homeownership beyond the city
A mortgage backed by the U.S. Department of Agriculture for eligible households purchasing an eligible primary residence in designated areas.
Key benefits
- Potential to purchase an eligible home with no down payment.
- Some suburban communities may qualify, not just rural locations.
Eligibility basics
Household income limits, property location, primary occupancy, credit, and repayment ability must meet program requirements.
Jumbo
Financing for a bigger homebuying vision
A mortgage above the applicable conforming loan limit, designed for higher loan amounts. Requirements vary by lender and program.
Key benefits
- Access to financing for higher-priced homes.
- Program options tailored to larger borrowing needs.
Eligibility basics
Strong credit, documented income and assets, acceptable debt levels, and sufficient reserves are commonly required.
Let’s narrow it down together.
Tell us about your plans. A mortgage professional can review available options and explain the steps to apply.
The inquiry form starts a conversation; it is not a mortgage application or a commitment to lend.
For general education only. Program availability, eligibility, fees, and requirements may change. All loans are subject to credit and property approval. A low or no down payment does not eliminate closing costs. Presidential Bank Mortgage, Company NMLS 421593. Equal Housing Lender.