A government-insured mortgage with low-down-payment options.
Down payment
As low as 3.5% if you qualify
Credit
May allow lower scores than conventional
Mortgage insurance is required. Loan limits vary by county.
More detailsFewer details for FHA
The Federal Housing Administration insures this loan. Credit and down payment are considered together, so a higher down payment may be required. Mortgage insurance adds to the loan’s cost.
What we’ll review
Your credit, income, debts, available funds, and whether the home meets FHA property requirements. A higher down payment may be required.
For eligible military borrowers buying a primary home.
Down payment
0% for eligible buyers
Credit
Lender reviews credit and income
No monthly mortgage insurance. A VA funding fee may apply unless you qualify for an exemption.
More detailsFewer details for VA
Eligible veterans, servicemembers, and certain surviving spouses may qualify. Available entitlement and the home’s appraised value can affect whether a down payment is needed.
What we’ll review
Your Certificate of Eligibility, available entitlement, credit, income, and the home’s appraised value. Some situations require a down payment.
Down-payment examples describe general program rules for qualified borrowers. They are not an approval or a quote. Closing costs are separate, and lender requirements may differ.Learn about mortgage insurance and program fees.
Refinance a mortgage
Give your mortgage a second look.
Refinancing replaces your current mortgage with a new loan. Start with your goal: change your payment, adjust your payoff timeline, or access equity. Then compare the full cost.
Conventional & jumbo refinanceChange my payment or payoff timelineConforming or jumbo, depending on loan size. Cash-out options can also use equity.Credit, income, and equity are reviewed again.More detailsFewer details
A jumbo refinance applies when the new amount exceeds the local conforming limit. Rate-and-term and cash-out options serve different goals.
Costs & tradeoffs
Compare closing costs, any mortgage insurance, and total interest. Starting a longer term can lower a payment while increasing the cost over time.
What we’ll review
Your current balance, rate and remaining term, estimated home value, income, credit, and how long you expect to keep the loan.
FHA StreamlineRework my existing FHA mortgageA refinance with reduced documentation for an existing, current FHA mortgage.Credit review depends on the Streamline option.More detailsFewer details
There are credit-qualifying and non-credit-qualifying options. The new loan must meet FHA’s borrower-benefit requirements.
Costs & tradeoffs
Streamline does not mean free. Closing costs and mortgage insurance still matter; this is not a program for taking substantial cash out of your equity.
What we’ll review
Your existing FHA loan, payment history, loan dates, and the proposed payment and terms. The lender determines the documentation required.
VA IRRRLLower my VA rate or switch to fixedFor an existing VA loan. Closing costs and a funding fee may apply.Credit requirements can vary by lender.More detailsFewer details
The Interest Rate Reduction Refinance Loan can help eligible VA borrowers pursue a lower interest rate or move from an adjustable rate to a fixed rate.
Costs & tradeoffs
Closing costs and a VA funding fee may apply. Compare the time needed to recover those costs with how long you expect to keep the loan.
What we’ll review
Your existing VA loan, payment history, current or previous occupancy, and whether the proposed refinance meets VA and lender requirements.
VA cash-out refinanceAccess equity with a VA loanFor eligible VA borrowers; can also replace a non-VA mortgage.A new credit and income review is required.More detailsFewer details
For eligible VA borrowers who want to use home equity or replace a non-VA mortgage with a VA-backed loan on their primary residence.
Costs & tradeoffs
Taking cash out increases the amount you owe. Review closing costs, any funding fee, the new payment, and the equity remaining in your home.
What we’ll review
Your Certificate of Eligibility, credit, income, current mortgage, and an appraisal. Approval depends on VA and lender requirements.
USDA refinanceRevisit my existing USDA mortgageFor existing USDA Direct or Guaranteed loans. Cash-out borrowing is not allowed.Credit review depends on the refinance path.More detailsFewer details
USDA has refinance paths for eligible homeowners with an existing USDA loan, including streamlined options. The right path depends on your current loan and qualifications.
Costs & tradeoffs
These programs do not allow cash-out borrowing. Income limits and fees still apply, and documentation requirements depend on the refinance path.
What we’ll review
Your USDA loan type, household income, payment history, occupancy, and the proposed loan benefit. Ask which refinance path fits your situation.
Have handy: your latest mortgage statement, estimated home value, and plans for the home.
Reverse mortgage
Borrow against your home equity.
With a HECM, monthly principal-and-interest payments aren’t required while loan obligations are met. Interest and fees generally increase your balance and reduce equity.
An FHA-insured reverse mortgage using existing home equity.
Age
62+
Credit
Financial review required
Needs substantial equity, a primary home, and HUD-approved counseling.
Ownership, family & costsFewer details for HECM
Do I still own my home?
Yes. With a Home Equity Conversion Mortgage (HECM), you keep title to your home. It secures the loan, and your ongoing loan obligations still apply.
What happens to my spouse or heirs?
A co-borrower can stay while meeting loan obligations. An eligible non-borrowing spouse may qualify to stay but receives no further loan payouts. Other heirs generally need to repay the loan to keep the home, or sell it to settle the debt. Review your household’s situation with a HUD-approved counselor.
What costs and finances will we review?
Your equity, credit history, ability to pay property charges, and alternatives such as downsizing or keeping your current mortgage. Any existing mortgage must be paid off at closing with loan proceeds or other funds. Plan for upfront costs, mortgage insurance, and ongoing interest.
You cover purchase and closing costs beyond the loan amount.
Purchase costs & requirementsFewer details for HECM for Purchase
How much cash will I need?
Your contribution covers the purchase price plus closing costs minus the HECM proceeds. The amount depends on your situation.
What will we review?
Your purchase price, available funds, credit history, and ability to keep paying property charges. HUD-approved counseling and other HECM requirements apply.
A private option that may suit higher-value homes.
Eligibility
Depends on the product
Credit
Lender-specific requirements
Not FHA-insured. Terms and protections vary.
Terms & family protectionsFewer details for Proprietary reverse mortgage
How do the terms and protections differ?
Compare borrowing limits, fees, interest, repayment rules, counseling, and spouse or heir protections with a HECM. HECM rules do not automatically apply.
What will we review?
The lender’s credit and financial requirements, your home value, and your plans.
For a purchase or refinance, use the Loan Estimate to compare these three parts of the decision.
The monthly picture
Look at principal and interest, taxes, insurance, and any mortgage insurance. Allow for HOA dues and other costs outside the payment.
The cash you’ll need
Compare the down payment, loan fees, other closing costs, and prepaid expenses. Check how deposits and credits affect cash to close.
The cost over time
Consider APR (annual percentage rate), the loan term, and how long you expect to keep the loan. A smaller monthly payment does not always mean a lower overall cost.
One more distinctionHow do fixed and adjustable rates differ?
The program and the rate structure are separate choices.
Fixed rate
The interest rate stays the same. Taxes and insurance can still change your total payment.
Adjustable rate (ARM)
The rate can change after an initial period. Review the adjustment rules, caps, and potential future payment.
Program information checked against the linked agency resources on September 7, 2026. HECM ownership and family guidance checked September 9, 2026. This overview is educational; individual eligibility and loan terms require a review of your circumstances.
