Which Loan Is Best For You?

A conventional loan is a mortgage not insured by the government, typically requiring a higher credit score and a larger down payment. It offers flexible terms and competitive interest rates, making it ideal for borrowers with strong financial profiles. 

Many borrowers are able to reduce or eliminate their private mortgage insurance when they refinance a conventional loan.

An FHA loan is a government-backed mortgage designed for borrowers with lower credit scores and smaller down payments. It offers more lenient qualification requirements, making homeownership accessible for first-time buyers or those with less-than-perfect credit.

FHA Streamline refinances require no appraisal, credit, or income qualifications in many cases.

A VA loan is a government-backed mortgage available to eligible veterans, active-duty service members, and their families. It requires no down payment or private mortgage insurance (PMI) and offers competitive interest rates, making it an excellent option for military members seeking affordable homeownership.

A VA IRRRL (Interest Rate Reduction Refinance Loan) is typically quick and requires reduced additional documentation from the borrower. 

A USDA loan is a government-backed mortgage for low- to moderate-income borrowers in rural areas. It requires no down payment and offers low interest rates, making it an affordable option for those looking to buy a home in eligible rural or suburban locations.

A Debt Service Coverage Ratio (DSCR) loan is designed for real estate investors. It focuses on the property's income potential rather than the borrower’s personal income. Lenders assess the property's rental income to ensure it can cover the mortgage payments, making it ideal for investors with multiple properties.

Many investors utilize the DSCR loan to pull cash (equity) out of an investment property bought with cash or another type of loan such as hard money.

A bank statement loan is a mortgage option for self-employed borrowers or those with non-traditional income sources. Instead of using tax returns or pay stubs, lenders review 12-24 months of bank statements to assess income. It’s ideal for individuals with fluctuating income who may not qualify for conventional loans.

An asset depletion loan allows borrowers to qualify for a mortgage based on their liquid assets rather than regular income. Lenders calculate potential income by dividing the borrower's total assets over a set period, making it ideal for retirees or individuals with significant savings but no traditional income sources.

Non-QM (Non-Qualified Mortgage) loans are designed for borrowers who don't meet traditional mortgage standards, such as those with irregular income, high debt-to-income ratios, or unique financial situations. They offer more flexible underwriting guidelines and are ideal for self-employed individuals, investors, or those with complex financial profiles.