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Loan Types & Basic Requirements
Loan Types & Basic Requirements
Conventional Loans
Minimum credit score: 620+
Down payment: 3% or higher
Debt-to-income (DTI): typically ≤ 43%
Not government-backed; terms vary by lender
FHA Loans
Insured by the Federal Housing Administration
Minimum credit score: 580+ (lower scores may require higher down payment)
Down payment: 3.5% minimum
Debt-to-income (DTI): up to ~50% (lender dependent)
VA Loans
Available to eligible veterans, active-duty service members, and qualifying spouses
Typically no down payment required
No private mortgage insurance (PMI)
Requires Certificate of Eligibility (COE)
USDA Loans
Designed for eligible rural and some suburban areas
No down payment required
Income limits apply based on household size and county
Property must meet USDA location eligibility
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