Comparison Across All Major Loan Types
The chart below is a comparison for FHA vs VA vs Conventional vs JUMBO vs USDA Loans. These are the most popular options for first time home buyer loan that a borrower would be interested to learn.
| LT/LP | FHA Loans | VA Loans | Conventional | Jumbo Loans | USDA Loans |
|---|---|---|---|---|---|
| Credit Score | 580 | 620 | 640 | 680 | 620 |
| Down Payment | 3.5% | 0 Down | 3% | 25% | 0 Down |
| Debt-to-Income Ratio | 57% | 43% | 41% | 36% | 50% |
| Loan Limit | $331,760 | $510,400 | $510,400 | No Limit | Area limits apply |
| MIP / PMI | 1.75% upfront + 0.85% annual paid with monthly mortgage | 2.3% funding fee. No mortgage Insurance | PMI up to 1.5% of loan value | PMI up to 1.5% of loan value | 1% Upfront + 0.35% annual paid with monthly mortgage |
| Maximum Seller Contribution | 6% | 4% | 3% | 6% | 6% |
| Eligibility Requirements | – | Veteran | – | – | Eligible Area and Income Limits |
Here is a comparison for government insured loans at a glance. These are FHA, VA and USDA.
Comparison Between Government Funded Loans
| LT/LP | FHA Loans | VA Loans | USDA Loans |
|---|---|---|---|
| Credit Score | 580 | 620 | 620 |
| Down Payment | 3.5% | 0 Down | 0 Down |
| Debt-to-Income Ratio | 57% | 43% | 50% |
| Loan Limit | $331,760 | $510,400 | Area limits apply |
| MIP / PMI | 1.75% upfront + 0.85% annual paid with monthly mortgage | 2.3% funding fee. No mortgage Insurance | 1% Upfront + 0.35% annual paid with monthly mortgage |
| Maximum Seller Contribution | 6% | 4% | 6% |
| Eligibility Requirements | – | Veteran | Eligible Area and Income Limits |