An FHA loan, backed by the Federal Housing Administration, helps make homeownership more accessible for those with lower credit scores or limited savings. It allows qualified buyers to put down as little as 3.5% and offers more flexible credit and income requirements compared to conventional loans. Borrowers are required to pay mortgage insurance, which increases costs but protects lenders. FHA loans are ideal for first-time buyers and those needing greater flexibility in qualifying for a mortgage. However, loan limits vary by location, and the property must meet certain standards.

A conventional loan is a non-government-backed mortgage, typically requiring a down payment of 5% to 20% and higher credit scores. It offers competitive interest rates and flexible options for loan amounts and property types. For down payments below 20%, private mortgage insurance (PMI) is required but can be removed once 20% equity is reached. Special programs may offer down payments as low as 3% for first-time or low-income buyers. Conventional loans typically come in a variety of term lengths, offering more options for borrowers to choose the repayment plan that best suits their financial goals.

ITIN loans are for individuals without a Social Security Number (SSN) who use an Individual Taxpayer Identification Number (ITIN) to file taxes. Typically a 10-20% downpayment will be required.

A Bank Statement Mortgage Loan is designed for self-employed individuals or business owners who may not have traditional W-2 income or tax returns to qualify for a mortgage. Instead of using tax documents, lenders assess income based on 12 to 24 months of personal or business bank statements to determine eligibility.Bank Statement Loans provide an alternative path to homeownership for those with non-traditional income sources.