Loan programs for every stage of homeownership
Ten programs, explained plainly, with sample rates, down payment minimums and who each one suits best.
Programs by goal
Buy a home
Purchase loans for first homes, move-up homes, condos and multi-families.
Conventional loanFannie Mae and Freddie Mac loans with as little as 3% down and mortgage insurance that drops off as you build equity.
Best for: Buyers with a 680+ credit score and steady income- Min. down
- 3%
- Min. credit
- 620
- Sample rate
- 6.125%
FHA loanInsured by the Federal Housing Administration, FHA loans make ownership reachable with lower scores and smaller savings.
Best for: Buyers rebuilding credit or saving a smaller down payment- Min. down
- 3.5%
- Min. credit
- 580
- Sample rate
- 5.875%
VA loanGuaranteed by the Department of Veterans Affairs for eligible veterans, service members and surviving spouses.
Best for: Veterans, active duty, Guard and Reserve members- Min. down
- 0%
- Min. credit
- 600
- Sample rate
- 5.750%
USDA loanUSDA Rural Development loans help moderate-income buyers purchase in eligible towns across central and western Massachusetts.
Best for: Moderate-income buyers in eligible rural and suburban towns- Min. down
- 0%
- Min. credit
- 640
- Sample rate
- 5.750%
Jumbo loanPortfolio and investor jumbo loans for Back Bay condos, Brookline colonials and Cape Cod second homes.
Best for: Buyers financing more than $806,500- Min. down
- 10%
- Min. credit
- 700
- Sample rate
- 6.250%
- First-time buyer programs
MassHousing, ONE Mortgage and down payment assistance options, plus a loan officer who walks you through every step.
Best for: Anyone who has not owned a home in the last three years- Min. down
- 3%
- Min. credit
- 620
- Sample rate
- 5.875%
Refinance
Replace your current mortgage with better terms or pull out cash.
Use your equity
Borrow against the value you have built without giving up your home.
Cash-out refinanceRefinance for more than you owe and take the difference for renovations, tuition or paying off high-interest debt.
Best for: Homeowners with 20%+ equity and a large, one-time need- Min. down
- 20% equity remains
- Min. credit
- 640
- Sample rate
- 6.375%
Home equity line of creditA revolving line of credit secured by your home, ideal for phased renovations and tuition paid over time.
Best for: Owners with a low first mortgage rate and ongoing expenses- Min. down
- 15% equity remains
- Min. credit
- 680
- Sample rate
- 8.250%
Reverse mortgageAn FHA-insured Home Equity Conversion Mortgage for homeowners 62 and older, with no required monthly mortgage payment.
Best for: Homeowners 62+ who want to age in place- Min. down
- About 50% equity
- Min. credit
- No minimum score
- Sample rate
- 6.560%
Side-by-side comparison
A quick reference. Your loan officer will price the two or three that fit you with real numbers.
| Program | Min. down | Min. credit | Sample rate* | Best for |
|---|---|---|---|---|
| Conventional loan | 3% | 620 | 6.125% | Buyers with a 680+ credit score and steady income |
| FHA loan | 3.5% | 580 | 5.875% | Buyers rebuilding credit or saving a smaller down payment |
| VA loan | 0% | 600 | 5.750% | Veterans, active duty, Guard and Reserve members |
| USDA loan | 0% | 640 | 5.750% | Moderate-income buyers in eligible rural and suburban towns |
| Jumbo loan | 10% | 700 | 6.250% | Buyers financing more than $806,500 |
| First-time buyer programs | 3% | 620 | 5.875% | Anyone who has not owned a home in the last three years |
| Rate-and-term refinance | 5% equity | 620 | 6.000% | Homeowners whose rate, term or insurance no longer fits |
| Cash-out refinance | 20% equity remains | 640 | 6.375% | Homeowners with 20%+ equity and a large, one-time need |
| Home equity line of credit | 15% equity remains | 680 | 8.250% | Owners with a low first mortgage rate and ongoing expenses |
| Reverse mortgage | About 50% equity | No minimum score | 6.560% | Homeowners 62+ who want to age in place |
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*Sample interest rates for illustration only, as of September 15, 2026. See the rates page for APR and full assumptions. Not a commitment to lend.
Not sure which program fits?
Answer five quick questions and a loan officer will compare your best two options, with payments and cash to close side by side.
- Soft credit check
- 24-day average close
- 4.9 from 1,284 reviews
