Not all mortgages are equal. We break down every major loan type in plain, jargon-free language — so you can pick the program that actually fits your situation.
Before we dive into specific programs, it helps to understand the two main buckets every loan falls into:
Conventional loans are the most common type of mortgage in the U.S. and the default for buyers with strong credit and steady income. They typically require a 620+ credit score and 3% down minimum — though putting 20% down lets you skip private mortgage insurance (PMI).
Best for: buyers with credit scores above 680, stable income, and at least 5%–10% saved for a down payment. Conventional loans also tend to have the most flexibility on property types — single-family, condos, second homes, and investment properties all qualify.
FHA loans, insured by the Federal Housing Administration, are designed to help first-time and lower-credit buyers get into a home. They allow credit scores as low as 580 with just 3.5% down — and even down to 500 with 10% down.
The trade-off: FHA loans require Mortgage Insurance Premium (MIP) that doesn't drop off automatically, even when you reach 20% equity. For many borrowers, that's a fair trade — but a smart strategy is to start with FHA and refinance to Conventional later, once your credit and equity have grown.
Best for: first-time buyers, buyers rebuilding credit, or anyone with a smaller down payment.
VA loans are one of the strongest mortgage programs in the country — period. If you've served in the military, you've earned a benefit that includes zero down payment, no monthly mortgage insurance, and competitive rates.
To use a VA loan, you'll need a Certificate of Eligibility (COE), which we can help you obtain. There's a one-time funding fee, but it can be rolled into the loan and is waived for borrowers with service-connected disabilities.
Best for: active-duty service members, veterans, National Guard, Reserves, and qualifying surviving spouses. As a US Army veteran, Brad takes special pride in helping fellow service members maximize this benefit.
USDA loans, backed by the U.S. Department of Agriculture, are designed for buyers in eligible rural and many suburban areas. The standout feature: zero down payment. The catch is geographic — the home must be in a USDA-designated area, and there are income limits.
You'd be surprised how much of California qualifies. Many bedroom communities and outer suburbs are USDA-eligible, even though they don't feel "rural." We can check any address for you in seconds.
Best for: low-to-moderate-income buyers looking outside core urban areas.
Lower credit and down payment requirements. Best when you have less saved or are building credit. Trade-off is mortgage insurance (FHA) or geographic limits (USDA). VA stands alone as the strongest benefit if you qualify.
Higher requirements, lower long-term cost. Once you reach 20% equity, PMI drops off — your monthly payment shrinks. Best when your credit and savings are already in a strong position.
Most borrowers actually qualify for more than one program. The "right" choice depends on details no online article can capture — your credit, savings, income stability, the home you're targeting, and how long you plan to stay.
That's why a 15-minute conversation with your loan officer is worth more than any amount of online research. Triumph offers every loan type in one place — Conventional, FHA, VA, USDA, and Jumbo — so we have no incentive to push you toward one product over another. We'll model your numbers across multiple programs and recommend the one that genuinely fits.
Get your free pre-approval in minutes. See exactly what you qualify for — no commitment, no credit impact.
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