A practical hub for choosing the right mortgage path before you request quotes. Compare eligibility, down payment, insurance, and best-fit borrower profiles.
Best for borrowers with steady income, stronger credit, and at least 3% to 5% down. PMI can eventually be removed when equity reaches the required threshold.
Best for buyers with lower credit scores or smaller down payments. FHA can be easier to qualify for but mortgage insurance may last longer.
Best for eligible veterans, active-duty service members, and some surviving spouses. VA loans can offer 0% down and no monthly PMI.
Best for eligible rural and some suburban properties, subject to income and property-location limits. USDA can allow 0% down.
Best for homes above conforming loan limits. Jumbo underwriting is usually stricter and may require stronger reserves, credit, and down payment.
Best when the new loan improves rate, term, cash flow, mortgage insurance, or cash-out flexibility enough to beat closing costs.
Credit-score floors differ by loan type, and a program minimum is not an approval. See What Credit Score Do You Need to Buy a House? for typical 2026 ranges by conventional, FHA, VA, and USDA.
| Compare this | Why it matters | What to ask |
|---|---|---|
| APR | Combines interest rate and many required lender fees. | Is this APR based on the same lock period and points? |
| Section A fees | Origination charges are lender-controlled and negotiable. | Can you match or beat the lowest Section A fees I received? |
| Mortgage insurance | PMI, MIP, and guarantee fees change the real monthly cost. | When can this insurance be removed? |
| Cash to close | A low rate can still require more cash up front. | What is the total cash to close after credits? |
There is no universal best option. Conventional 3% down, FHA, VA, and USDA can all fit first-time buyers depending on credit, military eligibility, income, location, and cash available.
No. FHA may qualify more easily, but mortgage insurance can make it more expensive over time. Compare APR, monthly payment, mortgage insurance, and total cash to close.
Not automatically. Compare APR, points, origination fees, lender credits, and lock period. A lower advertised rate can cost more if it requires high points.