Six routes to the same front door. Most lenders will steer you toward whichever one moves fastest through their system. We would rather show you all of them, tell you honestly what each one costs, and let you pick the one that fits the life you are actually living.
For eligible veterans, active-duty service members, National Guard, Reservists and surviving spouses. No down payment, no mortgage insurance at any down payment, and lender fees capped by the VA. Four decades of dedicated VA lending sits behind every one of these files.
The benefit does not expire and it can be used more than once — entitlement is restored when a previous VA loan is paid off, and in some situations two can run at the same time.
The honest trade-off. The funding fee is real money — typically 1.25% to 3.3% of the loan depending on down payment and whether it is your first use. It can be rolled into the loan, which makes it easy to overlook, and veterans with a service-connected disability are exempt entirely. A VA loan is also for a home you will live in; it is not an investment-property product.
Not government-backed, and the most widely available loan there is. Down payments run from around 3% up to 20% and beyond, and the terms are the most standardised of anything on this page — which makes comparing lenders genuinely straightforward.
If you have steady income, reasonable credit and either 20% saved or a clear path to it, this is usually the cheapest place to end up.
The honest trade-off. Put down less than 20% and you pay private mortgage insurance. The important difference from FHA is that PMI falls away once you reach 20% equity — so it is a temporary cost rather than a permanent one. Credit standards are also tighter here than on VA or FHA, so a thin file can price poorly or not qualify at all.
Insured by the Federal Housing Administration, and built for buyers that conventional underwriting turns away. Three and a half percent down at a 580 credit score, with more forgiveness on past credit events than any conventional lender will offer.
For a lot of first-time buyers this is the loan that makes the difference between buying this year and waiting another three.
The honest trade-off — and it is a significant one. FHA charges 1.75% upfront mortgage insurance plus an annual premium, and on most modern FHA loans that annual MIP lasts the life of the loan. Unlike conventional PMI it does not fall away when you reach 20% equity. The only way out is refinancing into a different loan entirely, which means paying closing costs a second time and accepting whatever rate exists on that day. FHA can still be the right answer — but go in knowing the insurance is permanent, not temporary.
A jumbo loan is simply one larger than the conforming limit for your county — a figure set annually and different in a high-cost market than a modest one. Cross it and you leave the standardised world behind. These files are underwritten by people rather than run through a model.
Dwayne has spent twenty years structuring luxury and move-up purchases across Houston, and this is where that experience earns its keep.
The honest trade-off. There is no single jumbo rulebook. Down payment, credit floor, reserve requirements and pricing are set by each lender individually, which means two quotes on the same file can look nothing alike. Documentation is heavier, reserves are typically required on top of the down payment, and the process takes more of your attention. The upside of that is real flexibility — but only if someone shops it properly on your behalf.
A DSCR loan asks a single question: does the rent cover the payment? Divide the property's rental income by the full monthly payment and you have the ratio. At 1.00 the rent exactly covers it; most competitive lenders want 1.25 or better.
Because the property qualifies rather than the person, this is often the cleanest route for self-employed buyers whose tax returns understate what they actually earn.
The honest trade-off. You pay for the convenience. Investment property is priced above owner-occupied lending, the down payment is larger, and reserves are expected. And the maths that qualifies the loan assumes the property stays rented — a vacancy, a bad tenant or a repair bill lands entirely on you, not the lender. Budget for the empty months before you buy, not after.
Three reasons people refinance: to lower the rate, to remove mortgage insurance they no longer need, or to take equity out as cash. Each has a different break-even and a different answer.
If you already hold a VA loan, the IRRRL streamline exists specifically to lower your rate with far less paperwork than a full refinance. Cash-out is a separate product with its own equity and eligibility rules.
The honest trade-off. A refinance is a new loan with new closing costs, and it resets the amortisation clock — early payments go mostly to interest again. Divide the costs by the monthly saving and you have your break-even in months; sell or refinance again before you reach it and you have lost money on the exercise. Cash-out has a further catch: it converts equity you own into debt you owe, secured against your home.
A summary, not a quote. Every figure below is a general guide — your own numbers depend on the lender, the property, the county and your file.
| Programme | Down payment | Mortgage insurance | Credit floor | Best for |
|---|---|---|---|---|
| VA | None required | None, ever — at any down payment | Flexible, typically 580+ | Eligible veterans, service members and surviving spouses |
| Conventional | Around 3% to 20%+ | PMI below 20% down — falls away at 20% equity | Typically 620+ | Steady income and reasonable credit; second homes |
| FHA | 3.5% minimum | 1.75% upfront, plus annual MIP that on most modern FHA loans lasts the life of the loan | 580+ at 3.5% down | Rebuilding credit, or a small deposit |
| Jumbo | Larger than conforming — set by the lender | Varies by lender and structure | Higher than conventional; lender-set | Purchases above the county conforming limit |
| Investment & DSCR | Larger than owner-occupied | Not typically applicable | Set by the lender, alongside the DSCR | Rentals qualified on the property's income |
| Refinance | Equity rather than a deposit | Depends on the programme refinanced into | Varies; VA IRRRL is the lightest touch | Lowering a rate, dropping PMI, or cash-out |
This is not an offer of credit or a commitment to lend. All loans are subject to underwriting and credit approval. Conforming limits, funding fees and insurance premiums are set by the relevant agency and change over time.
You are not expected to pick a loan programme off a page. Choosing well depends on numbers only you have and rules only we deal with daily — so start from whichever end you prefer.
Six calculators. Monthly payment across every loan type, what you can afford, refinance break-even, the effect of paying extra, rent versus buy, and the VA funding fee. No email required to use any of them.
Run the numbers ii.Tell us the situation in plain terms and we will tell you which of these six fits, what it would cost, and what would need to change if the answer is not yet. One conversation, no obligation.
Talk to a loan officerTell us where you are and we will tell you which route fits — including, if it comes to it, the one that says wait six months and here is exactly why.