FHA, Conventional, VA, USDA and Jumbo Loans

Use the category to form questions

Loan names describe programs or market categories, not a universal best choice. HUD explains that FHA insurance is available through FHA-approved lenders for eligible purchases and refers consumers to HUD-approved housing counselors. VA, USDA, conventional and jumbo options have their own program, lender and property requirements. Ask a lender which choices you may qualify to apply for and what documents would change the answer. Do not infer eligibility from a down-payment advertisement or a neighborhood label.

• Confirm intended occupancy and property type first.
• Ask which requirements belong to the program and which belong to the lender.
• Use current official program pages for eligibility questions.

Compare the same purchase through each viable route

For each option, obtain a written Loan Estimate that uses the same purchase price, down payment assumption and expected closing date. Compare the loan product, interest-rate structure, total monthly payment, upfront charges, mortgage insurance or program fees, and cash to close. CFPB notes that program-related upfront charges can appear among services a borrower cannot shop for; that does not make the overall loan less or more suitable by itself.

• Include any funding fee, insurance or second-lien payment in the monthly view.
• Check whether a property feature changes eligibility.
• Ask about prepayment penalties and balloon payments if shown.

Leave room for qualified advice

A housing counselor, lender and, where appropriate, a tax or legal adviser can address the facts of a particular borrower and contract. This page does not determine program eligibility, rates or underwriting. Its purpose is to create a comparable set of written questions before a buyer commits.