Most rate pages show one number. Real borrowers choose between seven very different products. Here’s the honest side-by-side — including the non-traditional options other sites skip.
| Loan type | Sample rate | Min. down | Min. credit | Income proof | Best for |
|---|---|---|---|---|---|
| Conventional | 6.41% | 3% | 620 | 2 yrs returns / W-2 | Steady documented income |
| FHA | 6.15% | 3.5% | 580 | 2 yrs returns / W-2 | Lower credit, first-time |
| Bank statement★ self-employed | 7.25% | 10% | 660 | 12–24 mo statements | Self-employed w/ write-offs |
| DSCRinvestor | 7.60% | 20% | 660 | Property cash flow | Rental investors |
| ITIN | 7.90% | 15% | Alt. | ITIN + alt credit | No SSN / newcomer |
| Asset depletion | 7.10% | 20% | 700 | Liquid assets | Asset-rich, low income |
| Jumbo | 6.70% | 10% | 700 | Returns + reserves | High-value homes |
If your income is fully documented on W-2s and tax returns, a conventional or FHA loan is almost always cheapest. The non-traditional products exist for the gap conventional underwriting can’t bridge — when your real ability to pay isn’t visible on a tax return.
The default for documented income. Lowest rates and smallest down payments, but they qualify you on net income after deductions — where self-employed borrowers get squeezed.
Qualify on deposits instead of returns. Higher rate (roughly +0.75–1.5%), but often the difference between approval and denial. See the full self-employed guide →
Specialized paths: DSCR qualifies a rental on its own cash flow, ITIN serves borrowers without an SSN, and asset depletion converts liquid assets into qualifying income. Each has a narrower lender pool — which is exactly why neutral comparison matters.