From first-time buyers to seasoned investors, from veterans to the self-employed — Take The Rate has a mortgage for every situation. No cookie-cutter solutions.
A conventional loan is the most common type of mortgage. It's not backed by the government, which means it typically offers the most flexibility in loan amounts, property types, and down payment options for buyers with solid credit.
Buyers with a 620+ credit score (740+ for the best rates) and stable, documentable income. Great for buyers putting 20%+ down to avoid PMI and for those buying primary residences, second homes, or investment properties.
Conventional loans allow as little as 3% down for first-time buyers and 5% for repeat buyers. However, putting less than 20% down typically requires Private Mortgage Insurance (PMI), which adds to your monthly payment. PMI can be removed once you reach 20% equity.
For 2025, the conforming loan limit for single-family homes is $806,500 in most areas, and higher in high-cost markets like California and parts of the Pacific Northwest. Loans above this limit are called jumbo loans and carry different requirements.
If you have a 620–679 credit score, FHA may be better due to lower rate premiums. If you have 700+ credit and 20% down, conventional is almost always better because there's no mortgage insurance premium (MIP) for the life of the loan. Take The Rate will compare both options for your specific situation.
FHA loans are government-backed mortgages insured by the Federal Housing Administration. They're specifically designed to help first-time homebuyers, buyers with lower credit scores, and buyers without large down payments achieve homeownership.
First-time homebuyers, buyers with credit scores between 580–679, buyers with limited savings for down payment, and anyone who has had past credit challenges. FHA is one of the most accessible mortgage programs available in the United States.
580+ credit score qualifies for 3.5% down payment — the minimum. 500–579 credit score still qualifies but requires 10% down payment. Below 500 does not qualify for FHA. These thresholds make FHA the most accessible loan for borrowers rebuilding their credit.
FHA loans require Mortgage Insurance Premium (MIP): an upfront premium of 1.75% of the loan amount (can be rolled into the loan) and an annual MIP of 0.55%–1.05% added to your monthly payment. With less than 10% down, MIP lasts for the life of the loan — a key consideration compared to conventional PMI which can be removed.
FHA loan limits vary by county. For 2025, the standard FHA limit for a single-family home is $524,225 in most areas, rising to $1,209,750 in high-cost markets. California, Oregon, and other high-cost states often have significantly higher FHA limits. Contact Take The Rate for your county's specific limit.
If you've served in the U.S. military, a VA loan is almost always the best mortgage available to you. Zero down payment, no PMI, competitive rates, and limited closing costs. Take The Rate specializes in helping veterans maximize this powerful benefit.
VA loans are available to: Veterans with honorable discharge, Active-duty service members (90+ days), National Guard and Reserve members (6+ years or 90 days active), Surviving spouses of service members who died in the line of duty. If you're unsure about your eligibility, Take The Rate will obtain your Certificate of Eligibility (COE) for you.
Zero down payment required — buy a home with no money down. No private mortgage insurance (PMI) ever. Competitive interest rates often lower than conventional loans. Limited closing costs — the VA restricts what lenders can charge. No prepayment penalty. Can be used multiple times as long as entitlement is restored.
VA loans require a one-time VA funding fee instead of monthly PMI. For first-time use with 0% down, the fee is 2.15% of the loan amount. For subsequent use, it's 3.3%. Veterans with service-connected disabilities are exempt from the funding fee entirely. The fee can be rolled into the loan amount.
As of 2020, VA loans have no official loan limit for borrowers with full entitlement — meaning you can borrow as much as the lender will approve with no down payment. In high-cost counties, this is especially powerful. Veterans with remaining entitlement (from a prior VA loan) may face county-based limits.
If you're self-employed, a business owner, freelancer, or contractor, you already know the problem: your tax returns show much lower income than you actually earn because of legitimate business deductions. Bank statement loans solve this — qualifying you on actual deposits, not taxable income.
Instead of W-2s and tax returns, the lender reviews 12 to 24 months of your personal or business bank statements. They calculate your average monthly deposits and use that as your qualifying income. A business expense factor (usually 50% for business accounts) is applied to arrive at net income. This accurately reflects what most self-employed borrowers actually earn.
Self-employed borrowers (2+ years), business owners, sole proprietors, 1099 contractors, gig economy workers (Uber, DoorDash, Instacart), real estate professionals, consultants, and anyone with non-traditional income. You must be self-employed for at least 24 months and have consistent bank deposits to qualify.
12 or 24 months of personal or business bank statements. Self-employment for at least 2 years (verified with a business license or CPA letter). Minimum credit score typically 620–660. Down payment of 10–20% depending on loan amount. These loans are considered Non-QM (Non-Qualified Mortgages) and are not sold to Fannie Mae or Freddie Mac.
DSCR (Debt Service Coverage Ratio) loans let real estate investors qualify for a mortgage based on the rental income the property produces — not the investor's personal income. No W-2s, no pay stubs, no tax returns. Just the numbers on the property.
DSCR = Gross Monthly Rent ÷ Monthly Mortgage Payment (PITIA). A DSCR of 1.0 means the rental income exactly covers the mortgage. A DSCR above 1.0 means the property cash flows positively. Most DSCR lenders require a minimum DSCR of 1.0 to 1.25, though some programs allow 0.75 DSCR for strong borrowers. Take The Rate has DSCR programs for a wide range of scenarios.
Single-family homes, condos, townhomes, 2–4 unit properties, and even short-term rentals (Airbnb, VRBO) — many DSCR programs accept short-term rental income using AirDNA or comparable rental data. DSCR loans are for investment properties only, not primary residences.
Unlike conventional financing which typically limits borrowers to 10 financed properties, DSCR loans allow experienced investors to continue building their portfolios beyond that limit. Take The Rate has helped investors finance their 15th, 20th, and beyond investment properties using DSCR loans.
Refinancing replaces your existing mortgage with a new one — ideally at a lower interest rate, different loan term, or to access your home's equity. Take The Rate makes refinancing fast, simple, and transparent.
Lower your interest rate without taking cash out. This is the most common type of refinance. If your current rate is 7.5% and you can refinance to 6.5%, you could save hundreds per month and tens of thousands over the life of the loan. Take The Rate calculates your break-even point so you know exactly when the refinance pays for itself.
Borrow against your home's equity by refinancing for more than you currently owe. The difference comes to you in cash. Common uses: home improvements that increase value, debt consolidation (high-interest credit cards), college tuition, investment in another property, or a financial safety net. Rates on cash-out refis are slightly higher than rate-and-term.
Refinancing is worth considering when: current rates are 0.5%+ below your existing rate, you plan to stay in the home long enough to recoup closing costs (break-even analysis), you want to shorten your loan term (e.g., from 30 to 15 years), you want to switch from an adjustable-rate to a fixed-rate mortgage, or you need to access equity for a major expense.
Not sure which loan is right for you? This table compares every major program at a glance. We'll help you find the best fit.
| Loan Program | Min. Credit | Min. Down | Income Docs | Best For | Sample Rate |
|---|---|---|---|---|---|
| Conventional 30-Year | 620+ | 3% | W-2 / Tax Returns | Strong-credit buyers | 6.750% |
| Conventional 15-Year | 620+ | 3% | W-2 / Tax Returns | Fast payoff / equity | 6.125% |
| FHA Loan | 580+ | 3.5% | W-2 / Tax Returns | First-time buyers | 6.500% |
| VA Loan | No min. | $0 | W-2 / Tax Returns | Veterans & Military | 6.250% |
| Bank Statement | 620+ | 10–20% | Bank Statements Only | Self-Employed | 7.125% |
| DSCR Loan | 620+ | 20–25% | None Required | Real Estate Investors | 7.500% |
| Cash-Out Refinance | 620+ | 20% equity | W-2 / Tax Returns | Access home equity | 7.000% |
*Rates are sample rates for well-qualified borrowers and subject to change. Contact Take The Rate for your personalized quote.
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