Conventional loans are not part of a specific government program. The rules for conforming loans are set by Fannie Mae or Freddie Mac, companies that provide backing for conforming loans.

Credit Score: 620 and higher.

Down payment: 5% or more

Loan amount: one unit $766,550

Mortgage Insurance Required: If your down payment is less than 20%

Income Required

Owner Occupied

FHA loan is a mortgage that is insured by the Federal Housing Administration. FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment.

Credit Score: 580 minimum.

Down payment: 3.5%

Loan amount: one unit $498,257

Mortgage Insurance Required

Income Required

Owner Occupied

VA (Veterans Affairs) loans. VA helps Veterans, Servicemembers, and eligible surviving spouses become homeowners.

Credit Score: NOT required.

Down payment: NOT required.

Loan amount: one unit $766,550

No Private Mortgage Insurance

Owner Occupied

A Bank Statement loan is a type of mortgage that allows self-employed borrowers to verify their income based on their personal or business bank statements, rather than traditional methods like tax returns, W-2s, or 1099.

Credit Score: 620 minimum

Down payment: 10%

Loan amount: up to $4 millions

No Private Mortgage Insurance

Owner Occupied, Non-owner occupied, Second homes

This mortgage product is for foreign nationals wanting to purchase or refinance a home in the United States. This is a DSCR program with a 1:1 ratio on cash flow.

Credit Score: Not required

Down payment: 30%

Loan amount: up to $3 millions

No income required

Non-owner occupied only

No Private Mortgage Insurance

A DSCR loan, or debt service coverage ratio loan, is a type of mortgage used for purchasing short-term or long-term rental investment properties. With a DSCR loan, borrowers can qualify for a mortgage based on a property’s rental analysis.

Credit Score: 620 minimum

Down payment: 20%

Loan amount: up to $3 millions

No income required

Non-owner occupied only

No Private Mortgage Insurance

An ITIN loan is a mortgage program designed specifically for non-US citizens who do not have a Social Security Number but do have an ITIN.

Credit Score: 620 minimum

Down payment: 10-20%

Loan amount: up to $1.5 millions

No Private Mortgage Insurance

Owner Occupied, Non-owner occupied, Second homes