A lot of buyers start with the wrong question. They ask, “What rate can I get?” before asking, “What kind of loans can you get to buy a house?” That matters because the right loan type can affect your down payment, monthly payment, mortgage insurance, closing costs, and even whether you qualify at all.
If you’re buying in Virginia, especially as a first-time buyer, a move-up buyer, a veteran, or someone with self-employed income, the loan you choose is not just a technical detail. It shapes the whole deal. Some loans reward strong credit and bigger down payments. Others are more forgiving on credit, cash reserves, or income documentation. The best fit depends on your finances, the property, and how long you plan to keep the home.
What kind of loans can you get to buy a house?
Most homebuyers will end up looking at one of a few core options: conventional, FHA, VA, USDA, or jumbo. Beyond those, there are specialty products like construction loans, renovation loans, bank statement loans, DSCR loans, and other non-QM programs for borrowers who do not fit the standard box.
That is where many people get tripped up. They assume a house loan is a house loan. It is not. Two buyers with the same purchase price can get very different recommendations based on credit score, debt-to-income ratio, employment type, military eligibility, and the location or condition of the property.
Conventional loans
Conventional loans are often the first place to look if you have decent credit and steady income. These loans are not backed by the government, and they tend to work well for buyers with solid financial profiles.
A conventional loan can allow a lower down payment than many buyers expect, but the strongest pricing usually goes to borrowers with higher credit scores. If you put down less than 20%, you will usually pay private mortgage insurance. The upside is that conventional mortgage insurance can sometimes be removed later, which may improve the long-term math.
For buyers with stronger credit, conventional financing is often a very cost-effective choice. But if your score is bruised or your debt ratios are tight, another program may be more forgiving.
FHA loans
FHA loans are popular with first-time buyers for a reason. They generally allow more flexibility with credit scores, higher debt ratios, and smaller down payments. If you have had some credit hiccups or are still rebuilding, FHA may open the door sooner than a conventional loan would.
The trade-off is mortgage insurance. FHA loans include both an upfront mortgage insurance premium and monthly mortgage insurance in most cases. That does not automatically make FHA a bad deal. In some situations, FHA is still the smarter route because it gets the buyer approved with a manageable payment. But it is important to compare the short-term benefit of easier approval with the long-term cost of insurance.
VA loans
For eligible veterans, active-duty service members, and some surviving spouses, VA loans are one of the strongest mortgage options available. They can offer no down payment, no monthly mortgage insurance, and competitive rates.
That combination is hard to beat. A buyer who qualifies for VA financing should almost always compare it carefully against other options before choosing something else. There can still be closing costs, and there is usually a funding fee unless you are exempt, but for many military borrowers the VA loan provides outstanding value.
This is one area where shopping matters. Some large lenders market heavily to veterans, including brands like Veterans United, but that does not always mean they offer the lowest total cost. Rate, lender fees, and service all deserve a close look.
USDA loans
USDA loans are designed for eligible rural areas and can be a strong fit for buyers outside dense urban markets. Many borrowers are surprised to learn that a number of communities still qualify. In parts of Virginia, this can be a very real option.
USDA financing can offer no down payment and competitive terms, which makes it attractive for buyers who have stable income but limited savings. There are income limits and property eligibility rules, so it is not for everyone. Still, if the home location qualifies, USDA can be one of the most affordable paths to ownership.
Jumbo loans
When the loan amount rises above conforming loan limits, buyers may need a jumbo loan. These are common in higher-price segments and usually come with stricter underwriting.
Expect lenders to look more closely at credit score, cash reserves, income stability, and overall financial strength. Jumbo loans are not just bigger conventional loans. They often require a cleaner file. That said, pricing can sometimes be more competitive than buyers expect, especially for well-qualified borrowers.
Specialty home loans for buyers who do not fit the standard box
Not every borrower has simple W-2 income and a straightforward purchase. That is where specialty products matter.
Bank statement and non-QM loans
Self-employed borrowers often write off expenses that reduce taxable income, even when cash flow is healthy. A bank statement loan can help by using deposits rather than tax returns to document income. Other non-QM options may help borrowers with unique income patterns, recent credit events, or other complexities.
These loans can be extremely useful, but they usually come with trade-offs. Rates may be higher, down payment requirements may increase, and lender overlays can vary widely. This is a category where broker guidance can save real money because not every lender views the same borrower the same way.
DSCR loans for investors
If you are buying an investment property, a DSCR loan may be worth a look. Instead of focusing mainly on your personal income, the lender evaluates whether the property’s expected rental income can cover the housing payment.
For investors, this can simplify qualification. But it is not a shortcut in every case. Rates and fees can differ meaningfully from traditional financing, and property cash flow becomes central to approval.
Construction and renovation loans
Some buyers are not purchasing a move-in ready home. They are building one or buying a property that needs work. Construction loans and renovation loans are built for those situations.
These loans are more specialized than standard purchase mortgages. They involve contractor plans, draw schedules, inspections, and tighter project oversight. They can be a smart solution, especially in markets where inventory is limited, but they require more planning and patience.
How to choose the right mortgage, not just an available one
The best loan is not always the one with the lowest advertised rate. It may be the one that keeps your upfront cash lower, avoids unnecessary mortgage insurance, gives you flexibility to refinance later, or fits your income documentation without drama.
Ask a few practical questions. How much cash do you want to keep after closing? Is your credit score strong enough for conventional pricing to shine? Are you eligible for VA or USDA? Are you buying a higher-priced home that may require jumbo financing? Is your income easy to document, or do you need a more flexible approach?
This is also where comparing lenders matters. Large retail lenders like Rocket Mortgage, Freedom Mortgage, Movement Mortgage, or CrossCountry Mortgage may work well for some borrowers, but their loan menus, pricing, and overlays can differ from what an independent broker can access. A broker who shops multiple lenders may be able to find a better fit on both rate and fees, especially for borrowers with more nuanced scenarios.
That does not mean one channel is always better. It means the right comparison should include total cost, product fit, speed, and how responsive the advice is when the file gets complicated.
What kind of loans can you get to buy a house if your situation is tricky?
Plenty of buyers assume they need perfect credit, a huge down payment, and simple income to qualify. That is not true. You may still have options if you are self-employed, recently changed jobs, have high student loan payments, or are buying a home that needs repairs.
The key is getting matched to the right program early. A soft-pull prequalification can help you compare scenarios without adding unnecessary credit inquiries. That is especially helpful if you are still deciding between loan types or trying to understand what purchase price feels comfortable.
At LowerMortgageRates.com, that consultative approach is the point. Instead of pushing one product, the goal is to compare the real options and explain the trade-offs clearly so you can make a confident decision.
Buying a house is expensive enough without choosing the wrong loan first and fixing it later. The smartest move is not to chase a headline rate. It is to line up the loan that fits your credit, income, property, and long-term plans from the start.