Picking a loan type matters less than people think — but matters more than zero. The right product can save you thousands in mortgage insurance, eliminate a down payment entirely, or open up programs you didn't know you qualified for. The wrong product just makes the numbers worse. Here's the plain-English breakdown of all five.
Each product has a specific purpose, eligibility profile, and cost structure. The right one for you is rarely "whichever has the lowest rate." It's whichever has the lowest total cost of homeownership for your specific situation.
| ConventionalThe default | FHALower credit | VAVeterans | USDARural areas | Jumbo$832K+ | |
|---|---|---|---|---|---|
| Min down payment | 3–5% | 3.5% | 0% | 0% | 10–20% |
| Min credit score | 620 | 580* | 620 | 640 | 700+ |
| Loan limit (AZ '26) | $832,750 | $557,750† | No cap | By income | No cap |
| Mortgage insurance | Removable at 20% | Permanent | None | Annual fee | Varies |
| Property type | Almost any | Primary only | Primary only | Rural areas | Almost any |
| Best for | Strong credit, standard purchase | Lower credit, limited savings | Eligible veterans | Rural-area buyers | High-priced homes |
| Learn more | Learn more | Learn more | Learn more | Learn more |
* FHA accepts down to 500 with 10% down. † Maricopa County limit; varies by county. All numbers 2026.
Most buyers don't actually have a choice between all five — your eligibility narrows the field quickly. A short conversation gets you to the right product without the guesswork.
No obligation. No credit checks. No wasted time. No pressure.
Every product above can be approved at one of two depths — a quick pre-approval letter, or a full pre-underwrite that verifies your income, assets, employment, and credit before you write your first offer. The same loan product, underwritten differently, gives you very different results in a competitive market.
Pre-underwrite is the closest thing to a cash offer that financed buyers can write. It's why my clients regularly beat higher cash bids.
Read the full breakdownYes, but it adds time. Switching FHA to conventional (or vice versa) typically adds 7–14 days because the underwriter restarts the file review. That's why picking the right product on day one matters.
Usually VA, when you qualify. Then conventional with strong credit and a 20%+ down payment. FHA rates are competitive but the permanent mortgage insurance changes the total cost. Jumbo rates are typically the highest because lenders carry more risk.
Common scenario. We'll run both scenarios side-by-side with real numbers — monthly payment, cash to close, total cost of borrowing over 5 / 10 / 30 years. The decision usually becomes obvious once the numbers are laid out.
No. There are also state-specific bond programs (the Arizona Home Plus program, for example), down payment assistance overlays, and specialty products like physician loans or bank statement loans for self-employed borrowers. We'll layer those on if any apply.
Yes. Pre-underwrite is the depth of the file review, not a separate loan product. We can run it on any of the five.
Schedule a 20-minute call. We'll figure out which of the five products you actually qualify for, run the math on the realistic options, and identify the one that fits your goals — not the one with the best-sounding name.
No obligation. No credit checks. No wasted time. No pressure.