The programs I work with.
Every program has its own requirements, and those matter more than the name on it. Below is a plain summary of each one, including the limitations that come with it. Which one fits your situation is what we work out together — that part is my job, not yours.
Credit score
Where the gates sit
- 580FHA
- 620Conventional
- 640USDA (typical)
Investor overlays vary; final eligibility is determined by the lender after full review.
FHA
A government-insured loan, and a common path for first-time buyers. Credit requirements are generally more flexible than a conventional loan, though what a lender actually asks for depends on your whole file.
What it requires and limits
Mortgage insurance is required, and on most FHA loans it stays for the life of the loan. The home has to be the one you live in — not a rental, not a second house. Loan limits vary by county.
Conventional
What most people mean when they say “a standard mortgage.” Credit requirements are generally higher than FHA, and the mortgage insurance is not permanent the way it typically is on an FHA loan.
What it requires and limits
Needs a stronger credit profile than FHA. Mortgage insurance applies until you reach enough equity. Investor overlays vary and are often stricter than the published minimum.
USDA
For homes in eligible rural areas. More of Texas qualifies than people expect, but eligibility is tied to the specific address rather than to an area in general.
What it requires and limits
Eligibility is decided by the property’s location and by household income limits, not by you alone. Occupancy is required. Both maps and limits change, so a specific address has to be checked.
Non-QM
A category for files that are sound but do not fit the standard boxes — self-employed income, recent credit events, or unusual documentation.
What it requires and limits
Terms and requirements vary widely by investor and are generally stricter than an agency loan. Availability changes with the market. Nothing here is standard, so nothing about it can be promised in advance.
Investor overlays vary; final eligibility is determined by the lender after full review.
Which one applies to you?
It takes about a minute and tells you how far you are from the nearest threshold. It does not pull your credit.
Get started