Mortgage Options for Your Next Home

It depends on the program and your situation. Some eligible buyers may put down a small amount, and eligible VA borrowers may have a zero-down option. Other programs or properties may require more. We compare the options for your scenario.

There is no single number for everyone. Each program and lender has its own rules. Credit affects which programs are available and your terms, but income, debts, assets, down payment and the property matter too.

PMI (private mortgage insurance) is insurance that may be required on some Conventional mortgages, often when the down payment is smaller. It protects the lender, not the borrower. How it is paid and when it may be removed depends on the loan and program.

Conventional loans are not government-insured and can be used for more property types. FHA loans are government-insured, are generally for a home you live in and may have more flexible qualification. Mortgage insurance works differently in each. The better choice depends on your credit, down payment and goals.

VA loans are for eligible veterans, active-duty service members and certain surviving spouses. Eligibility is confirmed with a Certificate of Eligibility from the VA, and lender requirements also apply.

A Jumbo mortgage is a loan larger than the conforming loan limit for the area. Because the loan is bigger, lenders often look more closely at credit, assets and reserves (money left over after closing).

Timing depends on the program, property, appraisal and how quickly documents are provided. We review the expected timeline with you before application.

A low appraisal can affect the loan amount because purchase financing is generally based on the applicable value used by the lender. Possible options may include renegotiating the purchase price, increasing the down payment, requesting an appraisal review or reconsideration where appropriate, or evaluating another financing structure.