Home loans
Most home loans fall into three groups: conventional loans for borrowers with easy-to-document income, FHA, VA and USDA loans backed by the government for eligible buyers, and loans for self-employed borrowers and investors that qualify you without tax returns. Mortza compares all three for your situation, and a licensed loan officer confirms which ones you qualify for.
Conventional home loans
The most common mortgage, for buyers and homeowners with W-2 or easy-to-document income.
- Low down payment options for qualifying buyers
- Higher loan limits in high-cost counties
- Jumbo loans for higher-priced homes
- Refinance or cash out
FHA, VA & USDA loans
Government-backed loans with flexible qualifying for eligible buyers.
- FHA: low down payment with eligible credit
- VA: built for eligible veterans and service members
- USDA: for eligible buyers in qualifying rural areas
Our specialtySelf-employed & investor loans
Our specialty. Qualify without tax returns, using bank statements, rental income or savings.
- Business owners and 1099 contractors
- Rental and investment properties
- Retirees qualifying on savings
- Foreign buyers and ITIN borrowers
How the main loan types compare
The biggest difference between loan types is how the lender confirms you can repay. That decides which documents you need and who each loan fits.
| Loan type | How income is confirmed | Usually fits |
|---|---|---|
| Conventional and jumbo | W-2s, pay stubs and tax returns | Borrowers with steady, easy-to-document income |
| FHA, VA and USDA | W-2s, pay stubs and tax returns, under government program rules | First-time buyers, veterans and service members, and buyers in eligible rural areas |
| Rental property loans (DSCR) | Property rent divided by its monthly payment | Real estate investors buying or refinancing rentals |
| Bank statement loans | Average deposits from 12 or 24 months of statements | Self-employed owners and freelancers with write-offs |
| Profit and loss statement loans | Net income on a professionally prepared P&L | Established business owners with a CPA or tax preparer |
| 1099 contractor loans | Gross income reported on Forms 1099 | Independent contractors, freelancers, and commissioned workers |
| Loans using your savings | Eligible liquid assets divided over a set number of months | Retirees, early retirees, and high-net-worth borrowers |
| Jumbo loans with flexible income | Bank statements, P&L, assets, rent, or full documentation, by program | Higher-balance buyers whose income does not fit agency or standard jumbo rules |
| Interest-only loans | Full documentation, bank statements, assets, or property rent, depending on the program | Borrowers who want lower early payments and have a plan for the reset |
| Loans for foreign buyers | Rental income or documented foreign income, plus verified assets | Non-U.S. residents buying U.S. property |
| ITIN home loans | Income shown on ITIN tax returns, pay records, or bank statements | U.S. taxpayers who file with an ITIN instead of an SSN |
| Loans after bankruptcy or foreclosure | Current income and assets, plus your credit history since the event | Borrowers rebuilding after bankruptcy, foreclosure, short sale, or deed-in-lieu |
Down payment, credit and price limits differ by program and change over time, so a licensed loan officer confirms what applies to you. Conforming loan limits are set by county; see the FHFA conforming loan limits.
How to choose
- Start with your income. If your income shows clearly on W-2s or tax returns, conventional and government-backed loans are usually the first place to look. If write-offs lower your taxable income, or your income comes from deposits, rent or savings, look at the self-employed and investor loans.
- Then the property. A home you will live in, a second home and a rental can each change which loans fit. Investment property loans like DSCR loans qualify on the rent instead of your income.
- Then your timeline and credit history. Recent credit events, a quick closing or a higher price range can point to a different program.
Not sure where you fit? Our guide Which home loan is right for me? walks through common situations, and the calculators help you test your own numbers.
Common questions
What is the most common home loan?
Conventional loans are the most common. They follow Fannie Mae and Freddie Mac rules and suit borrowers whose income is easy to document with W-2s and tax returns. Higher-priced homes may need a jumbo loan.
What if I'm self-employed and my tax returns show low income?
Write-offs can make taxable income look lower than what you really earn. Non-QM loans such as bank statement, profit and loss, and 1099 loans can qualify you on deposits or business income instead. Terms are different from conventional loans, so it is worth comparing both.
Can I buy a rental property without using my personal income?
Yes, with a DSCR loan. It qualifies the property on its rent compared to its monthly payment instead of your personal income. It is for investment property only, not a home you live in.
How do I know which loans I qualify for?
Answer a few questions with Mortza and you'll see the loan types that fit your situation. A licensed loan officer then reviews your details and confirms what you qualify for. Checking does not affect your credit.