Homeownership tools
Mortgage Program Comparison
Compare the basics of common loan programs.
Conventional
3% down min ($12,000)- Credit / down payment:
- Typically 620+; first-time-buyer programs allow 3% down, others usually 5-20%
- Mortgage insurance:
- Private mortgage insurance (PMI) usually required below 20% down; cancellable once you reach 20% equity
- Who qualifies:
- No government backing. Follows Fannie Mae/Freddie Mac rules; open to any qualified borrower
FHA
3.5% down min ($14,000)- Credit / down payment:
- 3.5% down needs 580+ credit score; 500-579 needs 10% down
- Mortgage insurance:
- Upfront mortgage insurance premium plus an annual premium, often for the life of the loan
- Who qualifies:
- Government-insured (HUD/FHA); open to any qualified borrower, popular with first-time buyers
VA
0% down min ($0)- Credit / down payment:
- No official minimum set by the VA; lenders commonly look for 620+
- Mortgage insurance:
- No monthly mortgage insurance; a one-time VA funding fee usually applies
- Who qualifies:
- Veterans, active-duty service members, and eligible surviving spouses only
USDA
0% down min ($0)- Credit / down payment:
- Lenders commonly look for 640+
- Mortgage insurance:
- Upfront guarantee fee plus a smaller annual fee than FHA
- Who qualifies:
- Property must be in an eligible rural/suburban area, plus household income limits apply
These are general program rules as of mid-2026, not a quote or prequalification. Actual limits, rates, and mortgage insurance costs vary by lender, county, and your own qualifications — talk to a licensed loan officer for numbers you can rely on.
Success Mortgage Partners, Inc. supports Equal Housing Opportunity. NMLS ID# 130562. This is informational only and is not an offer of credit or commitment to lend. Interest rates, products, and loan terms are subject to change without notice and may not be available at the time of loan application or loan lock-in. Contact Success Mortgage Partners, Inc. to learn more about your eligibility for its mortgage products. Loans are subject to buyer and property qualification. Cash reserves may be required. Success Mortgage Partners, Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.
This is not intended as an advertisement of current Interest Rates or Annual Percentage Rates "APR" as defined by Regulation Z. These rates/costs are provided for demonstration purposes only. These rates/costs are estimates and are subject to change. Not all borrowers qualify for all programs at the advertised rates.