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Home Loans: Find the Right Option for Your Situation

Already know you’re ready for a home loan? This is where you compare loan types, see what you may qualify for, and find the right fit for your situation, whether you’re buying for the first time, using a VA benefit, refinancing, or exploring a Conventional, FHA,or USDA loan.

Atlantic Bay offers home loans to borrowers in Virginia, North Carolina, Georgia, Florida, and beyond, with local Mortgage Bankers who know these markets. If you're searching for a mortgage for the first time or comparing options as an experienced buyer, this is your starting point.

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Begin your home loan journey

You know you’re looking for a home loan and now it’s about narrowing down the right type and finding out what you qualify for. Here are some common starting points. Find the one that sounds like you.

Compare Home Loan Types

Conventional Loans

Conventional loans are the most common home financing option, with down payments starting as low as 3% and a typical minimum credit score of 620. Mortgage insurance applies if your down payment is under 20%, but it can be removed once you've built sufficient equity. Best for buyers with stable income and good-to-strong credit.

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FHA Loans

FHA loans allow down payments as low as 3.5% and accept credit scores starting at 580. Mortgage insurance is required for the life of the loan in most cases. Best for first-time buyers or those with limited credit history.

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VA Loans

Available to eligible veterans, active-duty service members, and surviving spouses, VA loans require no down payment and no private mortgage insurance. There’s no minimum credit score set by the VA, though lenders set their own guidelines. Best for eligible military borrowers looking to minimize upfront costs.

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USDA Loans

USDA loans offer no down payment for eligible borrowers purchasing homes in qualifying rural and suburban areas. Income limits and property eligibility apply, and mortgage insurance is replaced with guarantee fees. Best for buyers looking for affordable financing outside major metropolitan areas.

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Jumbo Loans

Jumbo loans finance properties above the conforming loan limit. They typically require a credit score of 700 or higher, a down payment of 10–20%, and stronger cash reserves than conforming loans. Best for buyers purchasing higher-value properties.

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Get pre-approved before you shop

A home loan pre-approval gives you a clear picture of what you can borrow before you start touring homes and shows sellers you're a serious, prepared buyer. Pre-approval looks at your income, credit, debts, and down payment together, then gives you a real number to work with.

Pre-approval is also the first step whether you're buying for the first time, using a VA benefit, or comparing conventional and USDA options. It tells you which programs you're likely to qualify for before you commit to a property.

Get Pre-Approved

Purchase Home Loans vs. Refinance Home Loans

Buying a home?

A purchase loan covers the gap between your down payment and the home’s purchase price. Your loan type, rate, and term are determined during the application process.

Learn more about purchasing

Already own a home?

Home loans for refinancing replace your current mortgage with a new one, often to lower your rate, adjust your loan term, or access equity you’ve built up over time.

Explore home loan refinance options
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What Lenders Consider When You Apply

Wondering what home loans you qualify for? Lenders look at a few key factors together, not in isolation, to match you with the right program.

  • Credit score affects which loan programs you qualify for and your interest rate
  • Income and employment: lenders want to see stable, verifiable income
  • Down payment: impacts your loan amount, monthly payment, and whether mortgage insurance applies

No single factor makes or breaks an application. A strong point in one area can offset a challenge in another.

See If You Qualify

Ready to talk through your options? Our local Mortgage Bankers can walk you through what fits your situation. There’s no pressure and no commitment.

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Frequently Asked Questions About Home Loans

If your questions aren’t answered here, please reach out to an Atlantic Bay Mortgage Banker.

  • It depends on your credit score, income, debt-to-income ratio, and down payment, considered together rather than in isolation. Conventional loans typically require a 620 or higher credit score, FHA loans allow scores as low as 580, and VA and USDA loans have more flexible guidelines for eligible borrowers. The most accurate way to know is to get pre-qualified.

  • As little as 0% for VA and USDA loans, 3.5% for FHA, and 3–5% for Conventional. The right amount depends on your full financial picture, not just the minimum required.

  • Your approval amount depends on your income, debts, credit score, and down payment. Lenders use these factors together to determine how much you can comfortably borrow.

  • Rates vary based on the loan type, your credit profile, the loan term, and current market conditions. There’s no single rate that applies to everyone. Getting a personalized quote gives you an accurate picture of what to expect for your situation.

  • The best home loan depends on your situation. There’s no single right answer. Conventional loans often make sense for buyers with strong credit and a larger down payment. FHA and VA loans can be a better fit for buyers with limited down payment funds or military service. USDA loans work well for eligible rural and suburban buyers. Comparing your options side by side is the best way to find the right fit.

  • FHA, VA, and USDA loans are generally assumable, meaning a qualified buyer can take over the seller’s existing loan, including its interest rate and terms, subject to lender approval. Conventional loans are typically not assumable.

  • Most purchases close in 30 to 45 days. Staying organized and responsive throughout the process keeps things moving smoothly.

  • The home loan process starts with pre-qualification, followed by a full application, document collection, underwriting, and closing. Your Atlantic Bay Mortgage Banker will guide you through each stage.

  • Multiple mortgage inquiries within a short window (typically 14 to 45 days) are usually counted as one by the major credit bureaus. Shopping around is worth it.

Related Home Loan Guides — Keep Exploring. Go deeper on the loan type or topic that fits your situation.

First-Time Homebuyer GuideFHA Loan GuideVA Loan GuideUSDA Loan GuideConventional Loan GuideRefinancing GuideCash-Out Refinance GuideJumbo Loan GuidePre-Approval Guide
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Take the Next Step Towards Your Home Loan

If you're still exploring, start with the loan type that fits your situation. If you're ready to see real numbers, the calculator is a good place to begin. And when you're ready to talk, our local Mortgage Bankers are available for a personalized review of your options.

Talk to a Mortgage Banker
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Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Housing Lender.