Which loan type fits?

Many visitors here are deciding between a conventional refinance and other programs. Answer the questions below to see which programs are worth reading about first, then compare them in the table.

Six quick questions

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1. What are you planning to do?

Buy a homeRefinance to change my rate or termRefinance and take cash out

2. Are you a veteran, current service member, National Guard or Reserve member, or an eligible surviving spouse?

YesNoNot sure

3. Will the home be your primary residence?

YesNo, a second home or other use

4. Is the home in a rural area or small town?

YesNoNot sure

5. Could your loan amount be above the conforming loan limit for your county?

YesNoNot sure

6. How would you describe your credit history?

Mostly on time, no recent major problemsRebuilding after late payments or other problemsNot sure

If refinancing: what kind of loan do you have now?

VAFHAUSDAConventional or jumboNot sure

Show programs to read about Start over

Compare the main loan types

How the main home loan programs differ (general rules; confirm with official sources)

Topic	Conventional	FHA	VA	USDA
Backed by	No government backing; most follow Fannie Mae or Freddie Mac rules	Insured by FHA, part of HUD	Backed in part by the Department of Veterans Affairs	Backed by USDA Rural Development
Who it is for	Any qualified borrower	Borrowers who meet FHA rules, often those with smaller savings or past credit problems	Eligible veterans, service members, Guard and Reserve members and some surviving spouses	Moderate-income households buying, or refinancing a USDA loan, in eligible rural areas
Occupancy	Primary, second home or other uses, depending on the loan	Primary residence	Primary residence	Primary residence
Upfront cost tied to the program	None set by a government program	Upfront mortgage insurance premium	VA funding fee, unless exempt	Upfront guarantee fee
Ongoing insurance or fee	Private mortgage insurance may apply until you reach enough equity	Annual mortgage insurance premium	No monthly mortgage insurance	Annual guarantee fee
Loan size	Up to the county conforming limit; larger loans are jumbo	Up to the FHA county limit	No VA limit for borrowers with full entitlement	Set by repayment ability and area income limits
Simplified refinance	No government streamline program; ask lenders about simplified options	FHA Streamline	Interest Rate Reduction Refinance Loan (IRRRL)	Streamlined-Assist

This finder and table are general education, not an eligibility decision, a pre-approval or a loan offer. This site is not affiliated with VA, HUD, FHA, USDA or any government agency. Only a licensed lender can tell you which programs you qualify for.

Sources

• VA.gov: eligibility for VA home loan programs
• VA.gov: interest rate reduction refinance loan (IRRRL)
• VA.gov: cash-out refinance loan
• HUD: 203(b) mortgage insurance (FHA purchase and refinance)
• CFPB: FHA loans
• CFPB: conventional loans
• CFPB: understand loan options
• USDA: property and income eligibility lookup
• FHFA: conforming loan limits

Sources checked 10/23/2026.

Related

• Calculators
• Conventional Cash-Out Refinance Guide
• Glossary