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Which Loan Program Is Right for You?

< Back to Articles | Time to Read: 5 minutes

If you’re one of the many people looking to purchase a home this year, it’s important to know your loan options and understand what’s best for your situation.

We’ve narrowed down the options to the 5 most common mortgages in the U.S.

  • Conventional: This is the most common loan option and meets the needs of most people. Due to lack of government backing for these, they do require better credit to qualify, but the cost is considerably lower than most comparable government-backed loans.
  • FHA: If you don’t qualify for a conventional loan, take a deeper look at this option. These loans are backed by the government and have a lower down payment requirement, credit score threshold, and income qualification. It might fit what you need!
  • VA: Do you or have you served in the U.S. military? If so, you’ll want to look at this option because it’s a great loan product that’s an earned benefit offered to all active duty and retired military personnel. It has highly competitive pricing, no mortgage insurance requirement, the option to wrap the down payment into the loan principal, and further benefits extended to disabled vets.
  • USDA: This loan is designed for rural borrowers, making it ideal for those who may not be able to get conventional financing. It’s managed by the Rural Housing Service and offers flexible credit criteria.
  • Non-traditional: Several types of loans fit into this category, including: Jumbo, Zero Score, Interest Only, Adjustable Rate, etc. If conventional methods of homeownership are not an alternative for you, then a non-traditional loan might be an option. These loans offer versatile methods of financing for select borrowers.

Quick tip: Many states have local mortgage programs that may fit your needs as well. Talk to a Home Loan Specialist in your area to see if there are other options in your area.

If you haven’t connected with a Churchill Home Loan Specialist yet, we’re happy to connect you with someone in your area who can help answer your mortgage questions and get you on the right track for a stress-free mortgage.

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By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

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