Minimum Requirements for Different Loan Types (2025)
| Requirement | Conventional | FHA | VA | USDA |
|---|---|---|---|---|
| Down payment | 3% | 3.50% | 0% | 0% |
| Credit score | 620 | 580 with 3.5% down 500 with 10% down | No minimum, 620 is standard | No minimum, 640 is standard |
| Mortgage insurance or similar fee | PMI 0.14% to 2.33% | UFMIP 1.75% Annual MIP 0.15% to 0.75% | 1.40% to 3.60% VA funding fee | Upfront guarantee fee 1% Annual guarantee fee 0.35% |
| DTI ratio | 45% | 43% | 41% | 41% |
| Loan limit for a single-family homes | $766,550 to $1,149,825 | $498,257 to $1,724,725 depending on location | N/A with full VA entitlement | N/A |