Loan Programs: Compare Thousands of Mortgage Options to Find Your Best Rate

Discover the Perfect Mortgage Solution for Your Home Purchase, Refinance, Construction Project, or Investment Property

Finding the right loan program determines whether you’ll save substantially in interest or leave money on the table. Whether you’re a first-time homebuyer navigating down payment requirements, a self-employed entrepreneur facing documentation challenges, a veteran leveraging military benefits, a senior accessing home equity in retirement, or a real estate investor building wealth through rental properties, the right financing strategy makes all the difference.

Stairway Mortgage is a division of NEXA Mortgage LLC, the #1 mortgage broker in the United States measured by the number of licensed loan officers nationwide and the sheer volume of lending partnerships established—over 300 direct lenders, banks, and private capital sources. Each lender offers multiple distinct programs with several variations of each, creating extensive program options per lender. Using cutting-edge comparison technology, we analyze thousands of loan program combinations in real-time to identify the most competitive rate and cost structure available for your specific scenario.

What you’ll discover in this comprehensive guide:

Government-Backed Loan Programs

Federal mortgage programs offer competitive rates, lower down payments, and flexible qualification standards backed by government guarantees.

FHA Loans — Federal Housing Administration Financing

Best for: First-time homebuyers, lower credit scores, minimal down payments, borrowers rebuilding credit

VA Loans — Department of Veterans Affairs Benefits

Best for: Active-duty military, veterans, National Guard, reservists, eligible surviving spouses

USDA Loans — Rural Development Financing

Best for: Rural and suburban homebuyers in eligible areas, zero down payment options, moderate income households

Section 184 Loans — Native American Home Financing

Best for: Native American borrowers, purchases on tribal trust land, low down payment options

Down Payment Assistance & First-Time Buyer Programs

Best for: First-time homebuyers, buyers with limited savings, low-to-moderate income households, overcoming down payment barriers

Conventional Loan Programs

Traditional mortgage financing offering competitive rates, flexible terms, and lower mortgage insurance costs for qualified borrowers.

Standard Conventional Mortgages

Best for: Strong credit, stable employment, moderate down payment, lowest mortgage insurance premiums

Conventional Renovation Financing

Best for: Homebuyers purchasing fixer-uppers, homeowners planning major improvements, substantial renovation projects

Jumbo Loan Programs

High-balance mortgages for properties exceeding conforming loan limits.

Luxury Property Financing

Best for: High-value homes, properties above conforming limits, borrowers with substantial assets and strong credit

Construction & Home Improvement Loan Programs

Specialized financing solutions for building new homes, major renovations, and comprehensive property improvements.

New Construction Financing

Best for: Building custom homes, ground-up construction, one-time-close convenience

Renovation & Improvement Financing

Best for: Fixer-upper properties, major remodels, home improvements, kitchen and bath renovations

Self-Employed & Alternative Income Programs

Flexible documentation options designed for business owners, entrepreneurs, independent contractors, real estate investors, and retirees who can’t provide traditional W-2 income verification.

Alternative Documentation Financing

Best for: Self-employed business owners, independent contractors, entrepreneurs with fluctuating income, borrowers who write off significant business expenses, retirees with substantial assets

Real Estate Investor Programs

Specialized financing solutions for real estate investors building wealth through rental properties and house flipping strategies.

Buy and Hold Investment Financing

Best for: Long-term rental property investors, portfolio growth, passive income strategies

Fix and Flip Financing

Best for: House flippers, property wholesalers, short-term investment strategies, quick property renovations for resale

Specialty & International Buyer Programs

Financing solutions for unique borrower situations, international investors, and non-traditional qualification scenarios.

Foreign National & Non-Citizen Financing

Best for: Foreign nationals without U.S. credit, international real estate investors, non-U.S. citizens, ITIN holders

Unique Property Types

Best for: Non-conforming properties, vacation properties, hotel-branded units

Senior Financing Solutions

Best for: Homeowners of retirement age, retirement income supplementation, purchasing retirement properties, eliminating monthly mortgage payments

Home Equity Solutions

Best for: Homeowners with substantial equity, debt consolidation, major expenses, home improvements, maintaining liquidity

Bridge & Temporary Financing

Best for: Quick closings, buying before selling, interim financing, timing property transitions

How to Choose Your Ideal Loan Program

What down payment can you make?

Understanding your available down payment narrows your loan program options significantly and impacts your monthly payment, interest rate, and mortgage insurance requirements.

Zero Down Payment Options:

  • VA Loan (veterans and active military only)
  • USDA Loan (eligible rural and suburban areas)

Low or No Down Payment with Assistance:

Minimal Down Payment:

  • FHA Loan (first-time buyers, lower credit scores)

Low Down Payment:

Moderate Down Payment:

Substantial Down Payment:

Use our Down Payment Calculator to determine your options based on your specific situation.

What’s your credit score range?

Your credit score directly influences which loan programs you qualify for, your interest rate, and your required down payment amount.

Below Average Credit Score:

  • FHA Loan and VA Loan programs offer the most accessible qualification standards for borrowers with challenged credit histories.
  • Down Payment Assistance programs often require minimum credit thresholds.

Average Credit Score:

Good Credit Score:

Excellent Credit Score:

  • Access the best interest rates across all loan programs with exceptional credit scores

What type of property are you financing?

Different loan programs have varying restrictions and requirements based on property type, occupancy status, and intended use.

Primary Residence:

Investment Property:

Second Home:

Fixer-Upper Properties:

New Construction:

Non-Conforming Condos:

How do you document your income?

Your employment type and income documentation capabilities determine which loan programs you can access and which provide the smoothest path to approval.

Traditional W-2 Employees: All conventional programs, FHA Loan, VA Loan, USDA Loan, and Down Payment Assistance programs readily accept standard employment verification with paystubs and W-2 forms.

Self-Employed (Traditional Documentation):

Self-Employed (Alternative Documentation):

Real Estate Investors:

  • DSCR Loan requires zero personal income documentation, qualifying solely on property cash flow and debt service coverage ratio
  • Portfolio Loan offers flexible underwriting

House Flippers:

  • Fix and Flip Loan programs qualify based on After Repair Value, renovation budget, and exit strategy
  • Hard Money Loan provides fast financing based on property value

Retirees with Substantial Assets:

  • Asset-Based Loan programs calculate income using asset depletion formulas from investment portfolios, brokerage accounts, and savings
  • Reverse Mortgage for eligible seniors (no income required)

Foreign Nationals:

  • Foreign National Loan programs accommodate international borrowers without U.S. employment, credit history, or Social Security numbers
  • ITIN Loan for those with Individual Taxpayer Identification Numbers

High-Net-Worth Individuals:

  • Asset-Based Loan programs calculate income using asset depletion formulas from investment portfolios
  • No Doc Loan programs use minimal documentation qualification for borrowers with substantial liquid assets and large down payments
  • Stated Income Loan for alternative verification

What are the main loan program categories?

Mortgage financing divides into four primary categories based on loan limits, government backing, and qualification standards.

Government-Backed Loans (FHA, VA, USDA, Section 184) offer lower down payments and flexible credit standards with government guarantees protecting lenders against default risk. Many pair seamlessly with Down Payment Assistance programs.

Conventional Conforming Loans meet Fannie Mae and Freddie Mac guidelines with loan amounts below conforming limits, offering competitive rates and standard qualification requirements. Conventional Loan programs are compatible with Down Payment Assistance through special low-down-payment programs.

Jumbo Loans exceed conforming loan limits, requiring higher credit scores, larger down payments, and more substantial financial reserves due to increased lender risk. Jumbo Loan programs commonly extend to very high loan amounts for qualified borrowers.

Non-Qualified Mortgage (Non-QM) Loans include DSCR, Bank Statement, 1099, P&L, Asset-Based, Stated Income, Foreign National, No Doc, and Portfolio programs using alternative qualification methods outside traditional conforming guidelines.

Which loan programs require mortgage insurance?

Understanding mortgage insurance requirements impacts your monthly payment calculation and total homeownership costs.

FHA Loan programs require both upfront and monthly mortgage insurance premiums regardless of down payment size. Monthly insurance continues for the life of the loan with minimal down payments.

Conventional Loan programs require private mortgage insurance (PMI) only when borrowers make down payments below a certain threshold. PMI automatically cancels once equity reaches a specified level through payments or appreciation. Down Payment Assistance combined with borrower funds may help reach sufficient down payment to eliminate PMI entirely.

VA Loan programs charge a one-time funding fee (varying based on down payment and usage) but never require monthly mortgage insurance premiums.

USDA Loan programs charge an upfront guarantee fee plus ongoing annual fees functioning similarly to mortgage insurance.

Jumbo Loan, DSCR Loan, Bank Statement Loan, Asset-Based Loan, and other non-QM programs typically require substantial down payments, eliminating mortgage insurance entirely.

What are the fastest closing loan programs?

Closing timeline priorities often determine the optimal loan program selection, especially in competitive markets requiring quick closings.

Fastest Options (Rapid Closings):

Standard Timeline (Typical Closings):

Extended Timeline (Longer Process):

Can I refinance with these loan programs?

Most loan programs offer both purchase and refinance options, though specific refinance variants provide optimized solutions for improving existing mortgages.

Standard Refinancing:

Cash-Out Refinancing: Extract home equity while refinancing using FHA, VA, USDA, Conventional, Jumbo, Bank Statement, 1099, P&L, DSCR, Asset-Based, or Foreign National Cash-Out refinance programs. See Cash-Out Refinance Case Studies

Investor Exit Strategies: Fix and Flip Loan borrowers typically refinance into long-term DSCR Loan financing when converting flipped properties to rental investments rather than selling.

Streamlined Refinancing:

  • FHA Streamline Refinance and VA IRRRL offer expedited refinancing with reduced documentation, no appraisal requirements, and simplified approval processes for existing government loan holders

Note: Down Payment Assistance programs apply only to purchases, not refinancing.

Frequently Asked Questions About Loan Programs

What credit score do I need for a mortgage?

Minimum credit score requirements vary significantly across loan programs:

How much down payment do I actually need?

Down payment requirements range from zero to substantial depending on your chosen loan program:

Down Payment Assistance can help with these requirements.

Can I buy a house if I’m self-employed?

Self-employed borrowers have multiple excellent financing options beyond traditional W-2 documentation:

What’s the difference between a fix and flip loan and a DSCR loan?

Fix and Flip Loan programs provide short-term financing for investors purchasing properties to renovate and resell quickly, while DSCR Loan programs offer long-term financing for investors buying properties to hold as rentals.

Fix and flip loans base approval on After Repair Value and require interest-only payments, whereas DSCR loans qualify based on rental income with traditional principal and interest payments.

See Fix and Flip Case Studies | See DSCR Case Studies

What’s the difference between FHA and conventional loans?

FHA Loan programs require minimal down payment and accept lower credit scores but charge ongoing mortgage insurance, while Conventional Loan programs require slightly higher down payments and credit scores but offer cancellable PMI and lower total insurance costs. Both programs pair well with Down Payment Assistance for qualified buyers.

See FHA Case Studies | See Conventional Case Studies

What is down payment assistance and how does it work?

Down Payment Assistance programs provide grants, forgivable loans, or deferred payment loans helping qualified homebuyers overcome down payment barriers. Typical assistance provides substantial support, and pairs most commonly with FHA Loan and Conventional Loan programs.

See Down Payment Assistance Case Studies

Advanced Loan Program Questions

What happens if my condo isn’t warrantable?

Non-warrantable condos don’t meet Fannie Mae or Freddie Mac approval standards, causing traditional FHA Loan and Conventional Loan programs to reject them automatically. Non-Warrantable Condo Loan programs specifically finance these properties with alternative guidelines, typically requiring substantial down payments and adjusted interest rates.

For hotel-branded units, consider Condotel Loan options. For vacation resort properties, explore Resort Condo Loan programs.

See Non-Warrantable Condo Case Studies

Can foreign nationals get mortgages in the United States?

Foreign National Loan programs specifically accommodate non-U.S. citizens purchasing American real estate without Social Security numbers, U.S. credit history, or permanent residency status. These specialized programs typically require substantial down payments and accept international documentation.

For those with Individual Taxpayer Identification Numbers, ITIN Loan programs are also available.

See Foreign National Case Studies | See ITIN Loan Case Studies

How do DSCR loans qualify without personal income?

DSCR Loan programs eliminate personal income documentation entirely, qualifying borrowers solely on property cash flow using the Debt Service Coverage Ratio formula. No tax returns, pay stubs, W-2 forms, or employment verification required—only rental income matters.

Calculate your DSCR ratio | See DSCR Case Studies

How do asset-based loans calculate income from my investments?

Asset-Based Loan programs calculate qualifying income by dividing your total liquid assets by the loan term. This benefits retirees, trust fund beneficiaries, and high-net-worth individuals with substantial savings but limited W-2 income.

Calculate your asset-based qualification | See Asset-Based Case Studies

What’s the maximum loan amount for jumbo mortgages?

Jumbo Loan limits vary by lender and borrower qualifications rather than government maximums. While conforming loans max at conforming limits established annually, Jumbo programs commonly extend to very high loan amounts, with ultra-high-net-worth borrowers securing loans for luxury estates.

Calculate jumbo loan amounts | See Jumbo Case Studies

Can I use a renovation loan for investment properties?

DSCR Loan programs increasingly offer renovation options for investors, while Conventional Loan renovation programs accommodate rental properties with appropriate down payments. FHA 203k Loan requires owner-occupancy but works for house-hacking strategies, and HomeStyle Renovation Loan finances investment property purchases plus renovations.

Portfolio Loan options also provide flexible renovation financing.

See renovation case studies

How quickly can I close a fix and flip loan?

Fix and Flip Loan programs typically close very quickly, making them among the fastest financing options for real estate investors. Hard Money Loan programs offer similar speed. This enables competitive offers in hot markets where cash buyers dominate.

See Fix and Flip Case Studies | See Hard Money Case Studies

What are the benefits of construction-to-permanent loans?

Construction-to-permanent loans (one-time-close) combine construction financing and permanent mortgage into a single loan with one closing, one set of costs, and one interest rate lock. Construction Loan, FHA Construction Loan, VA Construction Loan, USDA Construction Loan, and Jumbo Construction Loan programs all offer one-time-close options.

See Construction Case Studies | Calculate construction costs

How do bank statement loans calculate income?

Bank Statement Loan programs analyze recent months of bank deposits and apply expense factors (varying by business type) to calculate qualifying income.

Calculate your bank statement qualification | See Bank Statement Case Studies

What documentation do 1099 contractors need?

1099 Loan programs require recent months of 1099 forms documenting independent contractor income without demanding complete tax return packages. Additional documentation typically includes business license verification, bank statements, and profit and loss statements.

P&L Loan programs offer similar benefits using CPA-prepared statements.

See 1099 Case Studies | See P&L Case Studies

Can I get a mortgage with an ITIN instead of Social Security number?

ITIN Loan programs specifically accommodate borrowers using Individual Taxpayer Identification Numbers instead of Social Security numbers. Requirements include valid ITIN issued by IRS, recent U.S. tax returns using ITIN, and typically moderate down payments.

See ITIN Case Studies | Calculate your qualification

What makes reverse mortgages different from traditional mortgages?

Reverse Mortgage programs convert home equity into income without requiring monthly payments, available only to homeowners of eligible retirement age. Instead of making payments to build equity, borrowers receive payments that gradually consume equity until the home sells or they pass away.

See Reverse Mortgage Case Studies | Calculate reverse mortgage amount

How do I find down payment assistance programs in my area?

Down Payment Assistance programs operate at federal, state, county, and city levels with varying eligibility requirements. Start with your state housing finance agency, visit HUD’s website for approved counseling agencies, or contact Stairway Mortgage—our access to hundreds of lenders means we identify applicable DPA programs based on your location, income, and property.

Explore Down Payment Assistance options | See DPA Case Studies

What is FHA Streamline Refinance?

FHA Streamline Refinance offers existing FHA borrowers expedited refinancing with no appraisal requirement, reduced documentation, and simplified approval processes. This program helps FHA homeowners lower their interest rates quickly without extensive paperwork or income verification.

See FHA Streamline Case Studies | Calculate refinance savings

What is VA IRRRL?

VA IRRRL (Interest Rate Reduction Refinance Loan) provides existing VA loan holders with streamlined refinancing featuring no appraisal requirements, minimal documentation, and faster approval. Veterans can lower their interest rates and monthly payments without the extensive qualification process of traditional refinancing.

See VA IRRRL Case Studies | Calculate VA refinance savings

What are portfolio loans and who are they for?

Portfolio Loan programs offer flexible underwriting for properties and borrowers that don’t fit traditional agency guidelines. These include non-warrantable condos, unique properties, high-debt borrowers, and those with complex income situations. Portfolio lenders hold the loan in-house rather than selling to Fannie Mae or Freddie Mac, allowing custom underwriting.

See Portfolio Loan Case Studies

What’s the difference between stated income and no doc loans?

Stated Income Loan programs require some income documentation (often bank statements, asset statements, or CPA letters) but without full tax returns, while No Doc Loan programs require minimal documentation of any kind, typically reserved for ultra-high-net-worth borrowers with substantial liquid assets and large down payments.

See Stated Income Case Studies | See No Doc Case Studies

Can I finance a condo in a hotel like Marriott or Hilton?

Yes! Condotel Loan programs specifically finance hotel-branded condo units in major hospitality properties. These programs accommodate the hotel rental program structures that traditional lenders reject.

For non-hotel luxury resort condos, consider Resort Condo Loan programs instead.

See Condotel Case Studies | See Resort Condo Case Studies

Ready to Find Your Perfect Loan Program?

With access to thousands of loan program combinations across hundreds of lenders, Stairway Mortgage helps you identify the optimal financing solution for your unique situation.

Get Started Today:

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