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Not sure which loan type is right for you? Compare Conventional, FHA, VA, USDA, and Jumbo loans side by side to understand your options.
Key requirements and features for each major loan type. Tap a row to learn more.
| Feature | Conventional | FHA | VA | USDA | Jumbo |
|---|---|---|---|---|---|
| Min. Credit Score | 620 | 580 (500 with 10% down) | 620 (no gov. minimum) | 640 | 700+ |
| Min. Down Payment | 3% | 3.5% | 0% | 0% | 10–20% |
| Mortgage Insurance | Required if < 20% down (removable) | Upfront MIP (1.75%) + annual MIP for life of loan | No PMI — VA funding fee instead (can be financed) | Upfront guarantee fee (1%) + annual fee (0.35%) | Varies by lender |
| Loan Limits | $766,550 (2024 conforming limit) | $498,257–$1,149,825 (varies by county) | No limit for full entitlement | Based on area median income | Above conforming limit ($766,550+) |
| Best For | Borrowers with strong credit and savings | First-time buyers and lower credit scores | Eligible veterans, active duty, and surviving spouses | Buyers in eligible rural and suburban areas | Luxury homes and high-cost markets |
Min. Credit
620
Min. Down
3%
Mortgage Insurance
Required if < 20% down (removable)
Best For
Borrowers with strong credit and savings
Min. Credit
580 (500 with 10% down)
Min. Down
3.5%
Mortgage Insurance
Upfront MIP (1.75%) + annual MIP for life of loan
Best For
First-time buyers and lower credit scores
Min. Credit
620 (no gov. minimum)
Min. Down
0%
Mortgage Insurance
No PMI — VA funding fee instead (can be financed)
Best For
Eligible veterans, active duty, and surviving spouses
Min. Credit
640
Min. Down
0%
Mortgage Insurance
Upfront guarantee fee (1%) + annual fee (0.35%)
Best For
Buyers in eligible rural and suburban areas
Min. Credit
700+
Min. Down
10–20%
Mortgage Insurance
Varies by lender
Best For
Luxury homes and high-cost markets
Pros, cons, and who each loan type is designed for.
Borrowers with strong credit and savings
Credit: 620
Down Payment: 3%
Loan Limits: $766,550 (2024 conforming limit)
First-time buyers and lower credit scores
Credit: 580 (500 with 10% down)
Down Payment: 3.5%
Loan Limits: $498,257–$1,149,825 (varies by county)
Eligible veterans, active duty, and surviving spouses
Credit: 620 (no gov. minimum)
Down Payment: 0%
Loan Limits: No limit for full entitlement
Buyers in eligible rural and suburban areas
Credit: 640
Down Payment: 0%
Loan Limits: Based on area median income
Luxury homes and high-cost markets
Credit: 700+
Down Payment: 10–20%
Loan Limits: Above conforming limit ($766,550+)
With 120+ loan solutions, we can match you to the right program based on your credit, income, down payment, and goals. Let's figure it out together.
Important Disclosures: Loan program details on this page (including credit score requirements, down payment minimums, mortgage insurance figures, conforming loan limits, and FHA/USDA fees) reflect general program guidelines as of the most recent update and are subject to change without notice. The information is for educational purposes only and does not constitute a loan offer, rate quote, or commitment to lend. All loans are subject to credit approval, income verification, appraisal, and underwriting requirements. Actual interest rates, APR, monthly payments, loan terms, eligibility, and program availability vary based on credit profile, loan-to-value, debt-to-income ratio, property type, occupancy, points, geographic location, and other factors. Contact The Grigg Team for current program details and a personalized quote.
ARM Disclosure: Adjustable-rate mortgages (ARMs) have an initial fixed rate period followed by periodic adjustments. After the fixed period, your interest rate and monthly payment may increase or decrease based on market conditions.
CrossCountry Mortgage, LLC NMLS #3029 (www.nmlsconsumeraccess.org). The Grigg Team NMLS #715407. Equal Housing Opportunity.
