Loan Programs

The tradeoffs, in plain language

Every program has a catch — down payment, insurance, eligibility. Here's what each one actually requires, so the choice isn't a guessing game.

Questions? We're here.
WHY-KINSHIP
That's 949-546-7447
Call Text WhatsApp
Program What it is Minimum down payment Mortgage insurance or program fee Principal eligibility
Conventional A mortgage that is not insured or guaranteed by a government agency. Requirements and pricing vary by product and lender. As low as 3% on eligible programs.
  • PMI generally applies with less than 20% down.
  • Borrowers can generally request cancellation at 80% of the home's original value; automatic termination is generally scheduled at 78%, subject to applicable requirements.
 Qualified borrowers; product, income, credit and occupancy requirements vary.
FHA A mortgage insured by the Federal Housing Administration, with more flexible credit and down-payment requirements than many conventional options. 3.5% for eligible borrowers; 10% may be required with lower qualifying credit scores.
  • Upfront and annual MIP generally apply.
  • For most loans longer than 15 years, annual MIP lasts 11 years at an original LTV of 90% or less, and for the loan term above 90% LTV.
 Qualified borrowers purchasing or refinancing a principal residence; FHA loan and property requirements apply.
VA A VA-guaranteed mortgage for eligible veterans, service members and certain surviving spouses. 0% possible.
  • No monthly mortgage insurance.
  • A one-time funding fee generally applies and may be financed; qualifying borrowers are exempt.
 VA eligibility and a Certificate of Eligibility are required; lender underwriting and property requirements still apply.
USDA A USDA-guaranteed mortgage for qualifying households purchasing a primary residence in an eligible rural area. 0% possible.
  • An upfront guarantee fee and annual fee apply.
  • The upfront fee can generally be financed.
 Property-location, household-income, occupancy and other program requirements apply.

Conventional

A mortgage that is not insured or guaranteed by a government agency. Requirements and pricing vary by product and lender.

Minimum down payment As low as 3% on eligible programs.
Mortgage insurance or fee
  • PMI generally applies with less than 20% down.
  • Borrowers can generally request cancellation at 80% of the home's original value; automatic termination is generally scheduled at 78%, subject to applicable requirements.
Principal eligibility Qualified borrowers; product, income, credit and occupancy requirements vary.

FHA

A mortgage insured by the Federal Housing Administration, with more flexible credit and down-payment requirements than many conventional options.

Minimum down payment 3.5% for eligible borrowers; 10% may be required with lower qualifying credit scores.
Mortgage insurance or fee
  • Upfront and annual MIP generally apply.
  • For most loans longer than 15 years, annual MIP lasts 11 years at an original LTV of 90% or less, and for the loan term above 90% LTV.
Principal eligibility Qualified borrowers purchasing or refinancing a principal residence; FHA loan and property requirements apply.

VA

A VA-guaranteed mortgage for eligible veterans, service members and certain surviving spouses.

Minimum down payment 0% possible.
Mortgage insurance or fee
  • No monthly mortgage insurance.
  • A one-time funding fee generally applies and may be financed; qualifying borrowers are exempt.
Principal eligibility VA eligibility and a Certificate of Eligibility are required; lender underwriting and property requirements still apply.

USDA

A USDA-guaranteed mortgage for qualifying households purchasing a primary residence in an eligible rural area.

Minimum down payment 0% possible.
Mortgage insurance or fee
  • An upfront guarantee fee and annual fee apply.
  • The upfront fee can generally be financed.
Principal eligibility Property-location, household-income, occupancy and other program requirements apply.

This is a general educational comparison, not a complete statement of program requirements. Eligibility, costs and terms depend on the borrower, property, loan amount, lender and current program rules.

See the actual payment difference

Program terms are general — what changes your specific payment is your home price, rate, and down payment. The comparison tool runs all four programs side by side on your numbers.

Not sure which fits your situation?

That's the actual conversation — the program is a means, not the goal.

Compare loan options Talk it through with us