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A conventional loan is a type of mortgage that isn’t backed by a government agency, such as the Department of Veterans Affairs. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac, that conform to the loan limits set by the Federal Housing Finance Administration, or FHFA.

You'll generally need a credit score of at least 620 to qualify for a conventional loan, though a score that's above 740 will help you get the best rate. Depending on your financial status and the amount you're borrowing, you may be able to make a down payment that's as low as 3% with a conventional loan.

 A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency.  FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than is usually required.  

If you have a credit score of at least 580, you can borrow up to 96.5% of the value of a home with an FHA loan, as of 2022. That means the required down payment is only 3.5%.

If your credit score falls between 500 and 579, you can still get an FHA loan as long as you can make a 10% down payment.

 VA loans are backed by the Department of Veterans Affairs. The government, however, doesn’t issue funds — it only guarantees the loans. This insurance provides extra security for VA mortgage lenders, allowing them to offer special loan benefits for veterans including low interest rates, no down payment, and no private mortgage insurance (PMI). 

The minimum FICO score for a VA loan is often 620. But this can be slightly higher or lower depending on the lender. Some lenders might require a minimum score of 640 or higher, whereas others allow a score as low as 580 or 600. Credit score requirements may be higher for larger loan amounts. 

 This is a special loan backed or given out by the U.S. Department of Agriculture. To qualify, you must buy a home in a rural area, be a low-income applicant, and meet other requirements. 

 A monthly payment — including principal, interest, insurance and taxes — that’s 29% or less of your monthly income. Other monthly debt payments you make cannot exceed 41% of your income. However, the USDA will consider higher debt ratios if you have a credit score above 680. 

Dependable income, typically for a minimum of 24 months.  An acceptable credit history, with no accounts converted to collections within the last 12 months, among other criteria. If you can prove that your credit was affected by circumstances that were temporary or outside of your control, including a medical emergency, you may still qualify.

A jumbo loan is a type of financing that exceeds the limits set by the Federal Housing Finance Agency and cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

Homeowners must undergo more rigorous credit requirements than those applying for a conventional loan. Approval requires a stellar credit score, 700 or above, and a very low debt-to-income ratio, below 43%.  The average APR for a jumbo mortgage is often par with conventional mortgages, while down payments are roughly 10% to 15% of the total purchase price.