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Compare conventional, FHA, VA, and USDA education. Then talk with a loan officer. This is not a credit decision.
Loan officers help you compare guidelines, documentation, and cash to close. Pricing is file-specific. Nothing on this page is a quote, a lock, or an approval.
Use this as a map of typical overlays, not a score. A loan officer still has to apply the guide that is in force for your product and your documentation.
| Question | Conventional | FHA | VA | USDA | Jumbo |
|---|---|---|---|---|---|
| Credit (typical overlay, not a promise) | 620 (overlays often higher) | HUD allows 580+ for 3.5% down and 500–579 with 10% down. Many lenders set higher overlays. A 500 score is not a promise that a file will be originated. | VA does not publish a single FICO floor. Lender overlays still apply. | Automated GUS findings and lender overlays often sit near the mid-600s. That is not a published floor that guarantees an approval. | Investor overlays; often stronger than conforming conventional. Not a published floor. |
| Down payment / equity | Some first-time and low-down conventional products start around 3% down for eligible borrowers. | 3.5% down at 580+ under HUD policy; overlays often sit higher. 10% at 500–579. | Zero down is available only with remaining entitlement and when the loan otherwise meets VA and lender guidelines. It is not automatic for every veteran. | Zero down when the property map, household income, and occupancy tests are met. | Often 10–20% depending on loan size and reserves. Overlay, not a statute. |
| Occupancy | Primary, second home, and investment — each with different pricing and overlays. | Primary residence (with limited exceptions) | Primary residence. Remaining-entitlement cases still have an occupancy test. | Primary residence. Investment property is not eligible. | Primary, second home, and investment exist as overlays. Pricing and down payment change with occupancy. |
| Property type | 1–4 units, condos and PUDs when the project meets investor rules. | 1–4 units as a primary. Condos need FHA project approval. HUD minimum property standards apply. | VA MPRs and an occupancy appraisal. Condos need VA project approval. | Address must be on the USDA map. Existing homes and some new construction; not an investment rental. | Project and property overlays are investor-specific. High-cost condos can be harder than detached. |
| MIP / PMI / funding fee / guarantee fee | Conventional PMI can usually be removed once the loan reaches the investor’s equity threshold (commonly 20% based on original value, or by a new appraisal under the program rules). | Upfront MIP 1.75% of the base loan amount (often financed). Annual MIP is a range that depends on term, loan amount, and LTV. It is not a single published percent for every file. Life-of-loan MIP is common below 10% down. | Funding fee may apply or be waived. First-use, less than 5% down snapshot: 2.15%. The funding fee is typically waived for veterans with a qualifying service-connected disability rating and for some surviving spouses. Entitlement and occupancy rules also apply. No monthly PMI. | 1.00% of the loan amount (often financed); annual 0.35% of remaining principal (annualized; confirm current RD fee notice). USDA publishes an upfront guarantee fee and an annual fee. The percents in this module are a dated snapshot, not a quote. Confirm the current RD fee notice before anyone prices a file. | Some jumbo files have no monthly PMI at lower LTVs. Others price risk into rate. Compare Loan Estimates. |
| Loan limits | FHFA conforming limit for the property county. Look up this year’s table. | HUD FHA county limit. Different table from FHFA. Look up the property county. | County limits matter when entitlement is partial. Full entitlement files follow current VA/FHFA interaction — confirm, do not memorize a number. | Area loan limits exist. The map and income tests usually bind first. | Any amount above the FHFA conforming limit for that county. Not a single Utah-wide number. |
Program rules, fees, and county loan limits change. Confirm the current published schedule and lender overlays. Nothing here is a quote, a lock, or a credit decision.
Property type and payment structure still change the file: manufactured housing vs ADU financing and interest-only mortgages. Neither is a standard conforming shortcut.
Access to multiple programs so we can compare guidelines, not a single advertised rate
Deep understanding of Utah real estate market and local programs
Streamlined application process with quick pre-approvals and closings
Dedicated loan officer guidance throughout the entire process
Education first. A conversation with a loan officer is how you find out what may actually fit your file.
Loan information is provided by Ondo Real Estate (NMLS ID on file). This is not a commitment to lend, a loan approval, or an offer of credit. Rates, terms, and payments shown are estimates for illustration only, are not a quote, and are subject to credit approval, underwriting, and market conditions. You are not required to use Ondo for financing to buy or sell with Ondo. Equal Housing Lender. Program rules, fees, and county loan limits change. Confirm the current published schedule and lender overlays. Nothing here is a quote, a lock, or a credit decision. Licensing and disclosures
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