Mortgage guide

Loan Program Comparisons

Compare FHA, conventional, VA, USDA, jumbo, and DSCR loan options by goal, property type, down payment, documentation, and long-term strategy.

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Quick answer: how should you compare loan programs?

Start with the property use: primary residence, second home, or rental property. Then compare eligibility, down payment, credit, documentation, monthly payment, mortgage insurance, reserves, and whether the loan fits your long-term plan. A borrower buying a primary home may compare FHA, conventional, VA, or USDA, while an investor may compare DSCR and conventional investor financing.

Compare the main loan programs

FHA loans

Often fits: buyers who want flexible credit guidelines or a lower down payment path for a primary residence.

Review carefully: mortgage insurance, occupancy rules, property standards, and total monthly payment.

Compare FHA loans

Conventional loans

Often fits: buyers with stronger credit, stable income, and enough down payment to compare mortgage insurance options.

Review carefully: credit score, debt-to-income ratio, loan limits, reserves, and private mortgage insurance.

Compare conventional loans

VA loans

Often fits: eligible veterans, active-duty service members, and qualifying surviving spouses buying or refinancing a primary residence.

Review carefully: eligibility, funding fee, occupancy, entitlement, and property requirements.

Compare VA loans

USDA loans

Often fits: eligible buyers purchasing in qualifying rural or suburban areas who meet income and property rules.

Review carefully: property location, household income limits, guarantee fee, and occupancy requirements.

Compare USDA loans

Jumbo loans

Often fits: borrowers financing homes above standard conforming loan limits.

Review carefully: credit, reserves, down payment, asset documentation, and pricing differences.

Compare jumbo loans

DSCR loans

Often fits: real estate investors financing rental property based primarily on property income.

Review carefully: rent support, DSCR ratio, loan-to-value, reserves, prepayment options, and property use.

Compare DSCR loans

Loan program comparison table

Program	Common use	Primary qualifier	Watch closely
FHA	Primary residence purchase or refinance	Borrower income, credit, occupancy, and property eligibility	Mortgage insurance and FHA property rules
Conventional	Primary homes, second homes, and some investment properties	Credit, income, debt-to-income, down payment, and loan limits	PMI, pricing adjustments, and reserve requirements
VA	Eligible military borrowers buying or refinancing a primary home	VA eligibility, entitlement, income, credit, and occupancy	Funding fee and property requirements
USDA	Eligible primary homes in qualifying rural or suburban areas	Property location, household income, credit, and occupancy	Income limits and USDA property eligibility
Jumbo	Higher loan amounts above conforming limits	Credit, assets, reserves, down payment, and documentation	Stricter reserve and documentation expectations
DSCR	Rental property purchase or refinance	Property cash flow, rent support, LTV, credit, and reserves	Rates, prepayment options, DSCR ratio, and rental documentation

Popular mortgage comparison guides

Mortgage loan types comparison chart Start here for a broad side-by-side view of common mortgage options. FHA vs conventional loans Compare credit, down payment, mortgage insurance, property rules, and long-term cost. FHA vs DSCR loans Clarify the difference between owner-occupied FHA financing and rental-property DSCR financing. DSCR vs conventional investor loans Compare rental-income-based investor financing with traditional conventional investor loans. Refinance vs HELOC Compare replacing your mortgage with using a home equity line of credit. Cash-out refinance vs HELOC Compare two common ways to access home equity. HELOC vs home equity loan Compare revolving credit with a fixed home equity loan. Mortgage broker vs bank Compare how borrowers may shop loan options and guidance.

Choose by borrower situation

Buying your first home

Compare FHA, conventional, VA if eligible, and USDA if the property location and income rules fit.

Start with pre-approval

Buying with stronger credit

Conventional may be worth comparing against FHA because mortgage insurance and pricing can change the long-term cost.

Explore conventional loans

Eligible for VA benefits

VA can be powerful for eligible borrowers, but entitlement, occupancy, funding fee, and property standards still matter.

Check VA eligibility basics

Buying a rental property

Compare DSCR, conventional investor financing, cash-out refinance options, and whether rental income supports the payment.

Explore DSCR loans

Not sure which loan program fits?

A quick conversation can help compare realistic options based on your property goal, income documentation, down payment, credit profile, timeline, and whether the property will be owner-occupied or rented.

Talk with 360 Mortgage View mortgage services

Loan program comparison FAQ

Which mortgage loan program is best?

The best loan program depends on occupancy, credit, income documentation, down payment, property type, location, military eligibility, loan amount, and whether the property is a primary residence or investment property.

Is FHA or conventional better?

FHA may fit buyers who need more flexible credit or lower down payment options. Conventional may fit buyers with stronger credit, lower mortgage insurance costs, or more flexibility once they qualify.

Can investors use FHA or conventional loans for rental property?

FHA is generally for primary residences. Conventional investor loans can be used for some investment properties, but DSCR loans may be better when the rental property’s income is the main qualification story.

Should I compare loan programs before getting pre-approved?

Yes. A pre-approval conversation is more useful when it compares the realistic options for your property goal, payment comfort, down payment, credit profile, and timeline.