Choosing a mortgage isn’t just about qualifying—it’s about finding the option that best fits your goals and budget.
That’s why we’ve lined up the four most common loan types—Conventional, FHA, VA, and USDA—so you can see how they stack up side by side. From down payment requirements to special benefits for veterans and rural buyers, this comparison gives you a clear picture of what each loan offers and helps you decide which path to homeownership is right for you.
| Loan Type | Best For | Min. Down Payment | Min. Credit Score | Eligible Property Types | Special Features |
|---|---|---|---|---|---|
| Conventional | Buyers with good credit and some savings | 3% | 620 | Condos, manufactured homes, vacation homes | Construction-to-perm (one-time close) available, rehab loans available, other options on request |
| FHA | First-time or repeat buyers with limited savings or lower credit | 3.5% | 580 | Singlewide and manufactured homes | 203(k) rehab loan available, construction-to-perm available |
| VA | Active-duty service members, veterans, National Guard members, or qualified buyers with minimal savings | 0%* | 580 | Owner-occupied homes only | No down payment*, construction-to-perm available |
| USDA | Buyers purchasing in eligible rural areas with little to no savings and moderate income | 0% | 620+* | Must be primary residence | No down payment, construction-to-perm available, income/location eligibility required |
Credit scores between 580-639 require two months of PITI plus cash to close. This is not a commitment to lend. Qualifications apply. See representative for details.
*A downpayment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits.