W-2, self-employed, commission, contract, rental income, or some combination — there's almost always a program. The job is picking the one that costs you least over the years you'll actually own the home, and then showing you how I got to that answer rather than just handing you the answer.
General guidelines, not underwriting rules. Your actual terms depend on credit, income documentation, the property and the lender.
| Program | Typical down payment | Mortgage insurance | Best for |
|---|---|---|---|
| Conventional | 3% – 20% | Removable at 80% LTV | Strong credit, long-term owners |
| FHA | 3.5% | Usually for the life of the loan | Lower credit scores, higher debt ratios |
| VA | 0% | None (one-time funding fee) | Veterans, active duty, eligible spouses |
| USDA | 0% | Guarantee fee | Eligible rural and outer-suburb areas |
| Jumbo | 10% – 20%+ | Varies by lender | Loan amounts above conforming limits |
| DSCR / investor | 20% – 25% | Not typical | Rentals qualified on property cash flow |
| Bank statement | 10% – 20% | Varies | Self-employed with write-offs |
Conforming loan limits change annually and vary by county. Ask me for the current limit in the county you're shopping.
No program gets recommended on this site or in a call without the numbers behind it. Before you lock anything, you get the payment, the cash to close, the itemised closing costs, the mortgage insurance and the break-even on any points — in writing, and side by side against at least one alternative. If the second option is better for you, that's the one I'll say so about.
The workhorse. If your credit is decent and your debt ratios are reasonable, this is usually the cheapest long-run option — mostly because private mortgage insurance falls away once you hit 20% equity, which FHA insurance generally doesn't. Down payments start near 3% for qualified first-time buyers.
Government-insured and far more forgiving on credit history and debt load. The trade-off is mortgage insurance that typically stays for the life of the loan. A common strategy: use FHA to get in, then refinance to conventional once credit and equity improve.
If you've served, this is usually the strongest product available: no down payment, no monthly mortgage insurance, and competitive rates. There's a one-time funding fee that can be financed, and it's waived for many veterans with a service-connected disability rating.
Above the conforming limit — routine at Northern Virginia price points. Expect closer scrutiny of reserves, income documentation and the appraisal. Structuring matters here: sometimes a first plus a second beats a single jumbo.
DSCR loans qualify the property on its rental income rather than your personal tax returns — useful when you're scaling a portfolio and conventional guidelines cap out. Also covers 2–4 unit properties, short-term rentals and cash-out to fund the next acquisition.
If you write off aggressively, your tax returns understate what you really earn. Bank-statement and P&L programs use deposits instead. Rates run a little higher, but they turn a "no" into a "yes" for a lot of business owners.
Plenty of refinance pitches ignore the part where you restart a 30-year clock and pay closing costs again. I'll show you the break-even month before you decide.
If the answer is that it doesn't pay off in your window, I'll tell you to keep the loan you have.
Gathering these before we start is the single biggest thing you can do to keep the file moving. Send whatever you have; we'll fill the gaps together.
Start the application and I'll come back with the two or three routes that actually fit your file, with the numbers side by side. Not sure yet? Ask me first — that's the normal starting point.
