Choosing the right mortgage is one of the most critical steps in buying a home. At Renea Jones Loan Officer, we offer a diverse portfolio of lending solutions, from Conventional and government-backed options like FHA and VA, to specialized programs like Jumbo and Virginia House Loans. Use the comparison checklist below to quickly assess the best fit based on your down payment availability, credit profile, and unique needs. We are here to simplify the complexity and guide you through every step toward a successful closing.
Helping Virginia buyers move confidently from application to closing with education-first lending & personalized support every step of the way.
| Feature | Conventional Loan | FHA Loan | VA Loan | USDA Loan | Jumbo Loan |
|---|---|---|---|---|---|
| Minimum Down Payment | As low as 3% (typically 5–20%) | 3.5% (credit ≥ 580) | 0% (eligible borrowers) | 0% (eligible rural areas) | Usually 10–20% |
| Minimum Credit Score | Generally 620+ | 580+(for 3.5%down) | Typically 620+ (lender-based) | Typically 640+ (lender-based) | Generally 700+ |
| Mortgage Insurance | PMI is required if down payment is <20%. Can be canceled later. | MIP (Upfront and Annual) is always required. | Funding Fee (one-time) is required, but no monthly PMI/MIP. | Guarantee Fee (Upfront and Annual) is required. | Varies; may require higher down payment to avoid PMI. |
| Maximum Loan Limit | Conforming limits apply (generally high) | Lower than Conventional limits (varies by county) | No limit with full entitlement (varies by county for partial entitlement) | No set limit; limited by borrower’s qualifications | Exceeds conforming loan limits (over ≈$766,550) |
| Eligibility / Restrictions | No special requirements | Available to all borrowers; Must be primary residence. | U.S. Veterans, Active Duty Service Members, and eligible spouses only. Must be primary residence. | Property must be in a designated rural area; Income limits apply. Must be primary residence. | For high-value properties that exceed conforming loan limits. |
| Program | Key Feature | Best For… |
|---|---|---|
| Refinance Options | Allows you to lower your rate/term or take cash out of your home’s equity. | Existing homeowners looking to reduce payments, change terms, or access cash. |
| Virginia House Loans | Special programs often include state/local assistance for first-time buyers. | Residents of Virginia who may qualify for state-specific grants or programs. |
Flexible financing options ideal for borrowers with strong credit profiles. Conventional loans offer competitive rates, low down payment options.
Government-insured loans designed to make homeownership more accessible for first-time and repeat buyers with flexible qualification requirements.
Exclusive loan benefits for U.S. Veterans, Active Duty Service Members, and eligible spouses — designed to reduce upfront costs and long-term expenses.
Zero-down mortgage options for eligible rural and suburban areas, offering affordable financing for qualified buyers meeting income guidelines.
Financing solutions for high-value homes that exceed standard conforming loan limits, tailored for borrowers with strong financial profiles.
Refinancing solutions designed to help homeowners reduce payments, adjust loan terms, or access home equity for financial flexibility.
State-specific programs designed to support Virginia residents with homebuyer assistance, grants, and flexible lending solutions.
To discuss your specific credit score, income, and eligibility for any of these programs, please contact Renea directly. Would you like to schedule a call with Renea or get more detailed information on a specific loan program?
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