Eight programs, and the one honest sentence about who each is actually for.
Compare all programsOne credit pull. NMLS #XXXXXXX. Sample figures throughout.
Buying
Three calculators that show their working, plus the lock desk in plain English.
Open the calculator hubOne credit pull. NMLS #XXXXXXX. Sample figures throughout.
Calculators
A broker, not a bank. Here is exactly how the file moves and what it costs.
See how it worksOne credit pull. NMLS #XXXXXXX. Sample figures throughout.
The work
Programs
Every lender's website lists the same eight. Almost none of them tell you when a programme is the wrong answer. These pages do.
Buying a home
Fannie Mae and Freddie Mac conforming financing from 3% down, with mortgage insurance that ends rather than following you for the life of the loan.
Honest bitBest when your mid FICO is 700 or better. Below about 660 an FHA file usually prices lower, because conventional pricing is risk-based and FHA pricing is not.
Government-insured financing with a 580 credit floor, 3.5% down and pricing that barely notices your score. The cost is mortgage insurance that usually never cancels.
Honest bitThe right answer when credit is thin or bruised, or when a debt-to-income ratio needs the wider FHA box. The wrong answer at 760 FICO and 20% down, where conventional is cheaper on every line.
No down payment, no monthly mortgage insurance, and a funding fee that disappears entirely with a service-connected disability rating.
Honest bitAlmost always the best loan a qualifying veteran can get. The one place it struggles is a competitive multiple-offer situation, where listing agents still misread VA appraisals.
Financing above the conforming limit, priced by portfolio lenders who keep the loan rather than sell it, and who therefore write their own rules.
Honest bitJumbo underwriting is relationship underwriting. The file that is declined at one bank is approved at another the same week, which is exactly why a broker beats a single lender here.
Particular situations
Virginia Housing down payment assistance, the Mortgage Credit Certificate, and the household income caps that decide which of them you can actually use.
Honest bitAssistance is not free money. Most of these programmes price a quarter to half a point above market, so the question is always whether the help you receive today outweighs the rate you carry for years.
Two-year averaging, Form 1084 add-backs, K-1 distributions and bank statement files, for people whose tax return deliberately understates what they earn.
Honest bitIf your accountant did a great job last year, your mortgage qualifying income is probably worse than you think. There are legitimate ways to add income back, and there are limits to them.
Lower the rate, shorten the term, or drop mortgage insurance, without taking cash out and without quietly restarting a thirty-year clock.
Honest bitThe break-even month is the only number that matters, and it is not the one most lenders lead with. If you plan to move in three years, a 34-month break-even is a loss.
Convert equity into cash at a first-lien rate, subject to an 80% loan-to-value ceiling, its own price adjustments and a twelve-month ownership rule.
Honest bitIf you have a 3% first mortgage, a cash-out refinance is usually the wrong tool. A second lien or a HELOC keeps the cheap first loan intact, and we will tell you that rather than sell you a refinance.
Side by side
Sample figures for illustration. The real ones arrive on your loan estimate.
| Programme | Minimum down | Credit floor | Mortgage insurance |
|---|---|---|---|
| Conventional purchase | 3% (first-time buyer) / 5% standard | 620, priced properly from 700 | Cancels at 80% LTV on request |
| FHA | 3.5% at 580 FICO, 10% from 500 to 579 | Varies | 1.75% of the loan, financed into the balance |
| VA | 0% up to full entitlement | No VA minimum; desks overlay at 580 to 620 | None, on any loan-to-value |
| Jumbo and high balance | Above $806,500 one unit | 700 floor, best pricing at 760 | Programme specific |
| First-time buyer, Virginia | No ownership interest in a primary residence for three years | Varies | Programme specific |
| Self-employed | Two years, with limited one-year exceptions | Varies | Programme specific |
| Rate and term refinance | 97% conventional, 90% on most jumbo desks | Varies | Programme specific |
| Cash-out refinance | 80% conventional owner-occupied, 75% investment | Varies | Programme specific |
Scroll the table sideways on a narrow screen. Loan limits, premiums and credit floors change; treat everything here as a sample.
620 for most conventional programmes, 580 for FHA at 3.5% down, and no published VA minimum although most desks overlay at 580 to 620. The score that matters is your middle score of the three bureaus, or the lower middle score if there are two borrowers.
Zero on VA and USDA, 3% on conventional first-time buyer programmes, 3.5% on FHA. Down payment assistance can cover part of that. The bigger constraint for most Richmond buyers is closing costs, not the down payment itself.
Pre-qualification is arithmetic based on what you told me. Pre-approval means an underwriter has reviewed your actual income and asset documents. I only issue the second kind, because a listing agent in this market can tell the difference.
Two years of W-2s or tax returns, thirty days of pay stubs, two months of statements for every account you will use, photo identification, and for self-employed borrowers the complete business returns plus a year-to-date profit and loss statement.
Your total monthly debt payments, including the proposed housing payment, divided by your gross monthly income. Conventional generally runs to 45%, to 50% with strong reserves. FHA with an approve finding can reach into the mid fifties.
That is the call. Twenty-five minutes, your actual numbers, and a straight answer about which programme is cheapest for your file.
Three wholesale quotes on the same day's pricing, before you choose.
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