Down payment (DP)
The part of the purchase price you pay upfront. 3% down on a $300,000 home means $9,000. Closing costs, prepaid expenses, and any required reserves are separate.
FIND YOUR FINANCING PATHDifferent goals.
Different goals.
More ways forward.
Explore financing options by your property plans and payment preferences. Mr Sam can help you understand what to compare for your situation.
LOAN NUMBERS, IN PLAIN ENGLISH
What do these numbers mean?
Understand the basics before comparing options. These figures describe general guidelines, not a promise of approval.
Credit score
A number used in evaluating your credit history. A program minimum does not guarantee approval. Lenders may have stricter requirements, and a consumer-app score may differ from a mortgage score.
Debt-to-income (DTI)
Your qualifying monthly debts, including the proposed housing payment, divided by qualifying gross monthly income. $2,000 in monthly debts ÷ $5,000 income = 40% DTI. This is before income taxes, not take-home pay.
A minimum is a starting condition, not an approval. DTI figures below are total-debt ratios unless stated otherwise. Income documentation, appraisal, loan amount, cash reserves, and lender rules also matter.
EXPLORE THE OPTIONS
A place to start.
Loan programs, borrower circumstances, and payment structures can overlap. These categories help you browse, rather than determine eligibility.
Home financing
Conventional loans
A starting point for exploring purchase or refinance financing, with documentation and terms reviewed for your situation.
- Down payment
- As low as 3% on eligible purchase programs
- Credit score
- 620 for Fannie Mae manual fixed-rate review; automated review differs
- Debt-to-income (DTI)
- Fannie Mae: 36% manual baseline, up to 45% with conditions; up to 50% through DU
Government-backed options
FHA home loans
Understand borrower qualifications, property requirements, and mortgage insurance before choosing a path.
- Down payment
- 3.5% for qualifying borrowers; 10% in the lower-score tier
- Credit score
- 580+ for the 3.5% tier; FHA may permit 500–579 with 10% down
- Debt-to-income (DTI)
- 43% total-debt baseline for manual review; higher ratios require applicable approval criteria
Military borrowers
VA loans
Explore service eligibility and VA-backed financing with a review of your benefit and property plans.
- Down payment
- 0% may be available for eligible borrowers
- Credit score
- VA sets no minimum score; the lender sets its credit requirements
- Debt-to-income (DTI)
- 41% is a review benchmark, not a hard maximum
Larger loan amounts
Jumbo loans
Discuss financing needs above the applicable conforming limits and the documentation lenders may request.
- Down payment
- Lender-specific; 20% is a planning illustration
- Credit score
- Lender-specific, ask for the current minimum
- Debt-to-income (DTI)
- Lender-specific, based on the full file
Investment properties
Investor & DSCR financing
Review how rental income, property expenses, and your investment strategy can shape a loan conversation.
- Down payment
- Lender-specific; 20% is a planning illustration
- Credit score
- Lender-specific, ask for the current minimum
- Debt-to-income (DTI)
- Rental cash-flow coverage may be used instead of personal DTI
Business owners
Self-employed borrowers
Organize your income records and explore documentation options suited to your business and borrowing needs.
- Down payment
- Depends on the loan program you choose
- Credit score
- Depends on the program and lender
- Debt-to-income (DTI)
- Depends on how your qualifying income is documented
Payment structure
Fixed-rate mortgages
Explore a consistent interest rate and understand the difference between your loan payment and total housing costs.
- Down payment
- Depends on the underlying loan program
- Credit score
- Depends on the underlying program and lender
- Debt-to-income (DTI)
- Depends on the underlying program and underwriting
Payment structure
Adjustable-rate mortgages
Compare the initial fixed period, adjustment schedule, and rate caps before considering an ARM.
- Down payment
- Depends on the underlying program and lender
- Credit score
- Fannie Mae manual ARM floor: 640; other review paths differ
- Debt-to-income (DTI)
- Depends on the underlying program and underwriting
Specialized structure
Interest-only loans
Review the interest-only period, later payment changes, and the risks of postponing principal repayment.
- Down payment
- Lender-specific, confirm the program
- Credit score
- Lender-specific, confirm the current minimum
- Debt-to-income (DTI)
- Lender-specific, including how later payments are evaluated
Specialized structure
Graduated payments
Ask about availability and understand how scheduled payment changes affect your longer-term budget.
- Down payment
- Depends on the available program
- Credit score
- Depends on the available program and lender
- Debt-to-income (DTI)
- Depends on the program’s qualification method
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General guidance, not approval criteria for every lender. Credit, property, income, reserves, and program availability are reviewed together. Program availability and applicable state licensing must be confirmed.
Guidelines reviewed October 11, 2026
Published program guidance: Fannie Mae low down payment · Fannie Mae credit scores · Fannie Mae DTI · FHA Handbook 4000.1 · VA credit and DTI · VA purchase loans · CFPB DTI explanation.
Lender-specific options require current lender guidelines. Ask Mr Sam which requirements apply to your actual file.
LET’S MAKE IT PERSONALBring your questions.
Bring your questions.
We’ll talk through the next step.
Share your plans with Mr Sam, or start organizing the information needed for an application.