Find out how much home you can afford right NOW!
Know exactly what you can afford before you start searching for a home.
Find out how much home you can afford right NOW!
Know exactly what you can afford before you start searching for a home.
FHA Loan
An FHA Loan would be considered one of the easiest loans to get approved for. This is because it does not require a high credit score nor does it require a huge down payment. Only 3.5% is required for a down payment which is considered very low compared to other loan options. Those that have a lower credit score, can't afford to put 20% down, therefore the FHA loan is there to assist those in need. First time home buyers should consider an FHA loan when home buying.
Pros
Low 3.5% down payment
Better rates compared to conventional loans
More lenient credit score guidelines
Lower mortgage insurance rates
Cons
PMI is not cancelable
Many condos are not approved
Owner-occupied home for the first year
Loan limits based on region
FHA Loan
An FHA Loan would be considered one of the easiest loans to get approved for. This is because it does not require a high credit score nor does it require a huge down payment. Only 3.5% is required for a down payment which is considered very low compared to other loan options. Those that have a lower credit score, can't afford to put 20% down, therefore the FHA loan is there to assist those in need. First time home buyers should consider an FHA loan when home buying.
Pros
Low 3.5% down payment
Better rates compared to conventional loans
More lenient credit score guidelines
Lower mortgage insurance rates
Cons
PMI is not cancelable
Many condos are not approved
Owner-occupied home for the first year
Loan limits based on region
VA home loan
The VA home loan is a mortgage loan that is guaranteed by the United States Veterans Affairs department
You may be eligible for a VA home loan if you have
- served 90 consecutive days of active service during wartime,
-you have served 181 days of active service during peacetime,
-you have 6 years of service in the National Guard or Reserves,
-you are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
Those that do qualify for the loan are not required to put any money down
Pros
No Down payment required.
No Private Mortgage Insurance
Lower Interest Rates compared to
conventional loans. Easier Credit
Qualification No pre-payment penalty
Cons
Primary Residence Only
VA funding fee (Unless Exempt).
Only available to a limited population
(See eligibility requirements)
Loan limits based on region
VA home loan
The VA home loan is a mortgage loan that is guaranteed by the United States Veterans Affairs department.
You may be eligible for a VA home loan if you have:
- served 90 consecutive days of active service during wartime,
-you have served 181 days of active service during peacetime,
-you have 6 years of service in the National Guard or Reserves,
-you are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
Those that do qualify for the loan are not required to put any money down
Pros
No Down payment required.
No Private Mortgage Insurance
Lower Interest Rates compared to conventional loans Easier Credit
Qualification No pre-payment penalty
Cons
Primary Residence Only
VA funding fee (Unless Exempt).
Only available to a limited population
(See eligibility requirements) Loan limits based on region
Conventional loan
A conventional loan is a mortgage loan that is not backed up by the government. Conventional mortgages are available through private lenders such as banks, credit unions and mortgage companies. Conventional loans typically run for 30 years, but there is a possibility to qualify for a 15-20 year conventional mortgage loan.
Pros
Down Payment as low as 3%
No PMI with 20% down PMI can be
canceled for second homes and
investment properties
Cons
Higher rates for lower credit borrowers
Tougher Credit guidelines Reserves
Money - needed in the bank
after the down payment
Conventional loan
A conventional loan is a mortgage loan that is not backed up by the government. Conventional mortgages are available through private lenders such as banks, credit unions and mortgage companies. Conventional loans typically run for 30 years, but there is a possibility to qualify for a 15-20 year conventional mortgage loan.
Pros
Down Payment as low as 3%
No PMI with 20% down PMI can be canceled
Can be used for second homes and investment properties
Cons
Higher rates for lower credit borrowers
Tougher Credit guidelines Reserves Money - needed in the bank after the
downpa16yment
USDA loan
A USDA loan is a mortgage loan offered to those that are interested in purchasing property in a rural area. In order to qualify for the USDA home loan, the property that you are intended to purchase must be in an eligible rural area.This home loan does not require a down payment, however, there are income limits.
Pros
No Down Payment
No prepayment penalty
Finance closing cost into the loan
Flexible credit guidelines
Cons
Geographical restrictions
Income limits Single Family homes only
(may include detached, attached, PUD, condo, modular, and manufactured)
USDA loan
A USDA loan is a mortgage loan offered to those that are interested in purchasing property in a rural area. In order to qualify for the USDA home loan, the property that you are intended to purchase must be in an eligible rural area.. This home loan does not require a down payment, however, there are income limits.
Pros
No Down Payment
No prepayment penalty
Finance closing cost into the loan
Flexible credit guidelines
Cons
Geographical restrictions
Income limits
Single Family homes only (may include detached, attached, PUD, condo, modular, and manufactured)
Your time & money matter. Let’s not waste either.
From fast, custom digital quotes to a completely streamlined online loan application and approval
process, you can get your money and do what you want with it — usually in less than 30 days.
Mortgage rates change daily and vary depending
on your unique situation
Your time & money matter. Let’s not waste either.
From fast, custom digital quotes to a completely streamlined online loan application and approval
process, you can get your money and do what you want with it — usually in less than 30 days.
Mortgage rates change daily and vary depending on your unique situation.
© 2025 . For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Lender.
Company:
NMLS: 2108504
Texas: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV.
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