Every loan type, shopped across the whole panel
Each of these has its own page explaining what it is, what it usually takes, and who it tends to fit. No rates and no dollar figures, because both depend entirely on your loan and the day it goes out.
Reviewed by Jennifer Ferrara, NMLS #2781982Last updated
Purchase
| Program | Best for | Down payment | Credit guidelines |
|---|---|---|---|
| First-Time Homebuyer | Anyone buying their first home, or buying again after several years away from ownership. | As low as 3% (conventional) or 3.5% (FHA) | Flexible, FHA works with credit still being rebuilt |
| Conventional | Buyers with solid credit who want the lowest long-run cost and want mortgage insurance to eventually go away. | As low as 3% for a primary home | Varies by lender, often 620 or higher, with better pricing at higher scores |
| FHA | Buyers rebuilding credit, carrying more debt than conventional allows, or working with a small down payment. | 3.5% minimum | As low as 580 for 3.5% down |
| Jumbo | Buyers in the higher price bands, often self-employed professionals and move-up buyers. | Typically 10% to 20%, varies by lender and loan size | Generally 700+ |
| Bridge | Move-up buyers who need their equity freed up before their current home sells. | Based on the equity in your current home | Generally 680+ |
Unique Income
| Program | Best for | Down payment | Credit guidelines |
|---|---|---|---|
| Self-Employed / Bank Statement | 1099 contractors, business owners, and anyone whose tax return understates what they really earn. | Typically 10% to 20% | Generally 640+ |
| DSCR Investor | Investors buying rentals, and anyone whose personal debt-to-income ratio is blocking the next purchase. | Typically 20% to 25% | Generally 660+ |
| Non-QM | Anyone whose income is real and provable but does not fit a standard W2 underwriting box. | Varies by sub-program, generally 10% to 25% | Varies by sub-program, generally 620+ |
Refinance & Equity
| Program | Best for | Down payment | Credit guidelines |
|---|---|---|---|
| Refinance | Homeowners whose rate, term, or equity situation has changed enough that a new loan pays for itself within a timeline that makes sense for them. | Not applicable, based on your existing equity | Similar guidelines to your original loan type |
| Home Equity | Homeowners who want to use built-up equity for a renovation, debt consolidation, or another purchase without selling the home. | Not applicable, based on your existing equity | Generally 620 to 680 depending on structure |
Build & Renovate
| Program | Best for | Down payment | Credit guidelines |
|---|---|---|---|
| Construction | Buyers building a custom home or working with a builder on a new construction property, especially where a one-time close saves a second round of closing costs. | Typically 10% to 20%, varies by lender | Generally 680+ |
| Renovation | Buyers eyeing a home that needs work, and homeowners who want to fund an update without a separate loan at a higher rate. | Varies by loan type, similar to a standard purchase or refinance | Generally 640+ |
Programs & Savings
| Program | Best for | Down payment | Credit guidelines |
|---|---|---|---|
| Down Payment Assistance | First-time buyers, and sometimes repeat buyers in certain programs, who need help covering the down payment or closing costs. | Assistance amount varies by program | Generally follows the first mortgage’s requirements, often FHA minimums |
| 2-1 Buydown | Buyers negotiating seller or builder concessions, especially in a market where sellers are motivated to help close the deal. | Same as the underlying loan, conventional or FHA guidelines apply | Same as the underlying loan type |
Texas Grants
TSAHC, SETH & TDHCA ProgramsEvery Texas down payment grant and assistance program compared side by side, real income and price limits, not a sales pitch.Read moreEvery program side by side. Exact terms depend on your full financial picture.
Sources
- HUD Single Family Housing Policy Handbook 4000.1 (FHA down payment and credit score rules)
- Fannie Mae Selling Guide, purchase transactions (loan to value limits)
- Fannie Mae Selling Guide, general requirements for credit scores
FHA and conventional minimums come from the sources above. The ranges for jumbo, DSCR, non-QM, bridge, renovation, bank statement and refinance programs are typical across the lender guidelines I compare. They are not a published standard, and each lender sets its own.
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