Loan programs
Find the right loan for your situation.
We shop every program below across our wholesale lenders. Compare them here, then get your real numbers in under a minute.
Fixed-Rate Mortgage
A reliable home loan where the interest rate remains constant throughout the entire loan term.
Your rate never changes. Not when the Fed moves, not in year nineteen. The payment you sign for is the payment you make.
30-year or 15-year?
Both are fixed for the whole term. The only thing that changes is how fast you pay it off, and what that costs you each month.
| Feature | 30-year fixed | 15-year fixed |
|---|---|---|
| Best for | Lower monthly payments and a longer runway. A popular choice for first-time buyers, or anyone who wants flexibility. | Paying the loan off fast and saving interest. Preferred by owners building equity quickly. |
| Interest rate | Competitive and stable. | Generally lower than a 30-year. |
| Monthly payment | Lower. | Higher, because the term is shorter. |
| Total interest | More over the life of the loan. | Less. |
| Down payment | As low as 3–5%. | As low as 3–5%. |
| Credit score | 620 minimum, typically. | 620 minimum, typically. |
What you’ll need
- Stable income
A consistent, reliable source. - Credit score of 620
The typical minimum. - A reasonable debt-to-income ratio
What counts as reasonable depends on the rest of your file. - 3% down on low-balance loans
Minimum. - 5% down on high-balance loans
Minimum. - Within your county's conforming limit
Above it, you are looking at a jumbo loan.
Straight questions. Straight answers.
Is a 30-year better than a 15-year?
A 15-year accrues less interest overall. A 30-year gives you lower monthly payments, more liquidity and more flexibility — and you can put extra against the principal whenever you want, which gets you part of the way to a 15-year without committing to it.
Can I pay it off early?
Yes. Additional payments can be made to reduce the principal balance at any time.
Do fixed rates cost more than other programs?
Fixed-rate loans, and 30-year fixed especially, carry some of the lowest and most competitive rates. Some programs — 15-year fixed, ARMs, jumbo — can price slightly lower, for reasons specific to how each is underwritten.
What happens to my payment if rates go up?
Nothing. The rate is locked at the outset for the full term.
Adjustable-Rate Mortgage
A lower introductory rate that adjusts to the market after a fixed initial period.
An ARM trades a lower introductory rate for some uncertainty down the road. It can make sense if you don't plan to keep the loan — or the home — past the fixed period.
Why would you choose an ARM?
The appeal is almost always the lower starting rate. The trade-off is what happens once the fixed period ends.
| Feature | ARM | Fixed-rate |
|---|---|---|
| Starting rate | Usually lower than a comparable fixed rate. | Set once, for the full term. |
| Rate after the fixed period | Adjusts periodically based on a market index, within caps. | Never changes. |
| Best for | Buyers planning to sell, refinance, or pay off within the fixed period. | Buyers who want long-term certainty. |
| Risk | Payment can rise after adjustment (capped). | None — payment is locked. |
What you’ll need
- Stable income
A consistent, reliable source. - Credit score of 620
The typical minimum. - A reasonable debt-to-income ratio
Underwritten in part against the fully-indexed rate, not just the teaser rate. - 3–5% down
Depending on loan balance.
Straight questions. Straight answers.
What does "5/6 ARM" mean?
The rate is fixed for the first 5 years, then adjusts every 6 months afterward, within the loan's rate caps.
How much can my rate go up?
ARMs come with caps that limit the first adjustment, each later adjustment, and the lifetime maximum. Your loan estimate spells out the exact numbers.
Can I refinance out of an ARM before it adjusts?
Yes, as long as you qualify at the time. Many ARM borrowers plan to refinance or sell before the fixed period ends.
FHA Loan
A government-backed loan with a lower down payment and more flexible credit requirements.
FHA loans are insured by the Federal Housing Administration, which lets lenders accept lower credit scores and smaller down payments than a conventional loan typically allows.
FHA or conventional?
FHA opens the door for buyers with less saved or a thinner credit file. Conventional usually wins once you qualify for it.
| Feature | FHA | Conventional |
|---|---|---|
| Minimum down payment | 3.5% with a 580+ score. | As low as 3–5%, but typically needs stronger credit. |
| Minimum credit score | 580 (lower scores may still qualify with more down). | 620 typically. |
| Mortgage insurance | Required for the life of the loan in most cases. | Can be removed once you reach 20% equity. |
| Best for | Buyers with limited savings or a shorter credit history. | Buyers who already qualify and want to avoid long-term mortgage insurance. |
What you’ll need
- Credit score of 580+
For the 3.5% down payment minimum. - 3.5% down payment
Can come from gifts or down payment assistance. - Steady employment history
Typically two years. - Property must meet FHA standards
An FHA appraisal checks safety and condition.
Straight questions. Straight answers.
Can I use FHA for a second home?
No. FHA loans are for primary residences only.
Do I pay mortgage insurance forever?
In most cases with less than 10% down, yes, for the life of the loan. With 10%+ down, it can be removed after 11 years. Refinancing into a conventional loan is the most common way out.
Can I get an FHA loan with past credit issues?
FHA is generally more forgiving of past credit issues than conventional financing, though waiting periods apply after events like bankruptcy or foreclosure.
VA Loan
A benefit earned through military service — often with no down payment and no monthly mortgage insurance.
VA loans are guaranteed by the Department of Veterans Affairs for eligible service members, veterans, and surviving spouses — one of the strongest loan programs available, with no down payment required for most borrowers.
VA vs. conventional
For eligible borrowers, VA is usually the better deal — no down payment and no monthly mortgage insurance.
| Feature | VA | Conventional |
|---|---|---|
| Down payment | 0% for most eligible borrowers. | As low as 3%, but typically more. |
| Mortgage insurance | None — a one-time VA funding fee may apply instead. | Required below 20% down, until you reach 20% equity. |
| Who qualifies | Eligible service members, veterans, and surviving spouses with a Certificate of Eligibility. | Open to any qualifying borrower. |
| Interest rates | Often competitive with or better than conventional. | Based on credit, down payment and market conditions. |
What you’ll need
- Certificate of Eligibility (COE)
We can help you request one. - Qualifying service history
Active duty, veteran, National Guard/Reserve, or eligible surviving spouse. - Stable income and reasonable DTI
VA underwriting looks at residual income too. - Primary residence
VA loans are for homes you'll live in.
Straight questions. Straight answers.
Do I need a down payment with a VA loan?
Most eligible borrowers can buy with 0% down.
What is the VA funding fee?
A one-time fee that helps keep the program running for future borrowers. It can be financed into the loan and may be waived for some disabled veterans.
Can I use my VA benefit more than once?
Yes — VA eligibility can often be reused or restored, including for a subsequent home purchase.
Jumbo Loan
Financing for loan amounts above the conforming loan limit in your county.
Jumbo loans finance homes priced above the conforming loan limit — common in higher-cost markets or for larger, move-up purchases. Underwriting is typically stricter than conforming loans.
Jumbo vs. conforming
Jumbo loans aren't bought by Fannie Mae or Freddie Mac, so lenders carry more of the risk themselves — and underwrite accordingly.
| Feature | Jumbo | Conforming |
|---|---|---|
| Loan size | Above your county's conforming limit. | At or below the conforming limit. |
| Down payment | Typically 10–20%. | As low as 3–5%. |
| Credit score | Often 700+ preferred. | 620 minimum, typically. |
| Documentation | Often more thorough — reserves, assets, income. | Standard documentation. |
What you’ll need
- Strong credit, typically 700+
Varies by lender and loan size. - 10–20% down payment
Can vary by loan amount and property type. - Cash reserves
Lenders often want to see several months of payments in reserve. - Lower debt-to-income ratio
Jumbo underwriting tends to be more conservative.
Straight questions. Straight answers.
What makes a loan "jumbo"?
Any loan amount above the conforming loan limit set for your county, which Fannie Mae and Freddie Mac won't purchase.
Can a jumbo loan be an ARM?
Yes — jumbo loans are available in both fixed-rate and adjustable-rate structures.
Do jumbo loans always cost more?
Not necessarily. Jumbo rates can be competitive with, or even lower than, conforming rates depending on the lender and market.
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