HOME PURCHASING FINANCING
Compare Purchase Loans for Buying a Home
A purchase loan is a mortgage used to finance the purchase of a home. Depending on eligibility, buyers may be able to consider conventional, FHA, VA, USDA, jumbo, first-time homebuyer, or alternative-documentation mortgage programs.
The right purchase mortgage depends on more than the advertised interest rate. Your credit profile, income documentation, down payment, debts, property, occupancy plans, loan amount, and expected length of ownership can all affect which options are available and their total costs.
ShopRates helps consumers understand and compare potential home-loan paths before speaking with an independent mortgage provider.
Exploring options does not guarantee approval, a particular interest rate, or specific loan terms.
Compare the complete loan
Purchase Loans at a Glance
Purpose
Finance the acquisition of an eligible residential property
Common options
Conventional, FHA, VA, USDA, jumbo, and alternative-documentation mortgages
Down payment
Varies by loan program, borrower, property and provider
Qualification
Commonly considers credit, income, debts, assets, occupancy and property eligibility
Additional costs
May include lender charges, appraisal, title services, mortgage insurance, taxes, insurance and prepaid expenses
ShopRates’ role
Provide education and help consumers connect with independent providers
What Is a Purchase Loan?
A purchase loan is financing obtained to buy a property. The buyer contributes any required down payment and closing funds, and a mortgage provider finances the eligible balance.
The property generally secures the loan through a mortgage or deed of trust. If the borrower fails to meet the loan obligations, the lender may exercise remedies available under the loan documents and applicable law.
‘Purchase loan,’ ‘home purchase loan,’ ‘purchase mortgage’ and ‘mortgage purchase loan’ are often used to describe the same general transaction.
A purchase loan differs from
- A mortgage refinance, which replaces financing on a property the borrower already owns
- A cash-out refinance, which may replace an existing mortgage while allowing an eligible borrower to access equity
- A home equity loan or HELOC, which uses existing eligible equity
- An investor loan, which finances a property intended primarily for investment rather than owner occupancy
Compare the Major Types of Purchase Loans
No single mortgage program is best for every homebuyer. Compare eligibility, down payment requirements, mortgage insurance, documentation, cash reserves, and total costs.
Scroll sideways to see the full table.
| Loan type | May be worth exploring for | Down-payment structure | Important consideration |
|---|---|---|---|
| Conventional | Buyers with qualifying credit, income, assets and debts | Varies | Mortgage insurance may apply with a smaller down payment |
| FHA | Eligible buyers seeking government-insured financing with flexible guidelines | As low as 3.5% for qualified borrowers | Upfront and annual mortgage insurance commonly apply |
| VA | Eligible veterans, service members and certain surviving spouses | No down payment may be available | VA eligibility, occupancy, lender underwriting and possible funding fee |
| USDA | Eligible buyers and properties in qualifying rural areas | 100% financing may be available | Geographic, income, property and program requirements |
| Jumbo | Buyers needing financing above the conforming limit | Provider-specific | Greater down payment, reserves or documentation may be required |
| Bank statement | Certain self-employed buyers | Provider-specific | Pricing and documentation differ from conventional loans |
| First-time buyer | Eligible buyers meeting a program definition | Varies | Income, property, education, occupancy or location restrictions may apply |
These are general descriptions, not offers or eligibility determinations. Program availability and underwriting requirements vary.
Which Purchase Loan Could Fit Your Situation?
Use these questions to identify categories worth researching. This is not a qualification decision.
1. Are you buying a primary residence? Buyers purchasing a home as their primary residence may be able to explore conventional, FHA, VA, USDA, jumbo or alternative-documentation financing.
If the property will be rented or primarily used as an investment, explore real estate investor loans and DSCR loans.
2. Are you an eligible veteran, service member or surviving spouse? A VA purchase loan may be worth exploring. The VA determines benefit eligibility, while participating private lenders evaluate credit, income, occupancy and other underwriting requirements.
3. Is the home in a USDA-eligible area? Qualified borrowers purchasing qualifying properties may be able to explore USDA purchase loans. Household-income limits, property eligibility and other program requirements apply.
4. Are you self-employed? Start with conventional financing using documented self-employment income. If traditional tax-return calculations do not reflect your current cash flow, you may also want to explore:
Self-employed mortgage loans
Bank statement loans
Mortgages without traditional tax returns
Asset-based mortgage options
Alternative documentation does not mean no underwriting.
5. Will the required loan exceed the conforming limit? A jumbo purchase loan may be necessary when the requested mortgage exceeds the conforming loan limit for the property’s location and unit count.
The Federal Housing Finance Agency establishes conforming loan limits annually. The 2026 baseline limit for a one-unit property in most of the United States is $832,750, with higher limits in designated high-cost areas. Verify the applicable amount using the FHFA conforming loan limit resources.
Loan-Program Summaries
Conventional Purchase Loans
A conventional purchase loan is not insured or guaranteed by the FHA, VA or USDA. Conventional mortgages may be either conforming or nonconforming.
A conforming mortgage generally satisfies applicable criteria for acquisition by Fannie Mae or Freddie Mac, including the relevant loan limit. However, individual providers can maintain additional underwriting requirements.
Conventional purchase financing may be considered by buyers with:
- Documented and stable qualifying income
- An established credit history
- Sufficient eligible funds to close
- Acceptable debt-to-income levels
- A qualifying property
- Any required financial reserves
A 20% down payment is not universally required. Certain conventional programs permit eligible borrowers to put less down. Mortgage insurance, loan-level pricing adjustments or additional requirements may apply.
Learn more about conventional purchase loans.
FHA Purchase Loans
An FHA loan is made by an FHA-approved private lender and insured by the Federal Housing Administration, part of the U.S. Department of Housing and Urban Development.
FHA financing may be useful for eligible buyers seeking a lower down-payment option or underwriting criteria that differ from certain conventional programs.
HUD states that qualifying FHA purchase loans can permit down payments as low as 3.5%. This is not a universal approval standard; credit, income, debts, property condition and lender requirements still apply.
FHA mortgages generally include:
- An upfront mortgage-insurance premium
- An annual mortgage-insurance premium paid through monthly installments
- FHA property and appraisal requirements
- Owner-occupancy requirements for standard purchase transactions
- Loan limits based on location and property type
Mortgage insurance protects the lender against certain losses. It is not homeowners insurance and does not protect the borrower’s personal property.
Explore FHA purchase loans or verify current information through HUD’s FHA home-loan resources.
VA Purchase Loans
VA-backed purchase loans are offered by private lenders and partially guaranteed by the U.S. Department of Veterans Affairs.
Eligible veterans, active-duty service members and certain surviving spouses may be able to purchase a qualifying primary residence without making a down payment.
Eligibility for the VA benefit does not guarantee mortgage approval. The borrower must meet both VA requirements and the private lender’s credit, income, occupancy and underwriting requirements.
VA purchase loans may involve:
- A Certificate of Eligibility
- Primary-residence occupancy requirements
- VA property standards
- An appraisal performed by a VA-assigned appraiser
- A VA funding fee unless the borrower qualifies for an exemption
- Lender-specific underwriting conditions
The VA explains that a preapproval or Certificate of Eligibility does not replace lender underwriting.
Review ShopRates’ VA loan guide, the official VA purchase-loan information and current VA eligibility requirements.
USDA Purchase Loans
The USDA Single Family Housing Guaranteed Loan Program can provide financing through approved private lenders for eligible borrowers purchasing qualifying properties in eligible rural areas.
Eligible transactions may offer 100% financing, but this does not mean every buyer or property qualifies. Requirements can include:
- Household-income limits
- Geographic eligibility
- Primary-residence occupancy
- Property standards
- Credit and repayment ability
- Guarantee fees
- Provider underwriting requirements
A property can sometimes qualify as rural even when it is near a metropolitan area, but buyers should verify the address using current USDA resources.
Explore USDA purchase loans and the official USDA Single Family Housing Guaranteed Loan Program.
Jumbo Purchase Loans
A jumbo mortgage generally exceeds the applicable conforming loan limit.
Because jumbo loans cannot be purchased as standard conforming mortgages, provider requirements can differ considerably. A provider may look for:
- Strong credit
- Lower debt-to-income ratios
- Substantial verified income
- Larger down payments
- Greater post-closing reserves
- Multiple property valuations
- Detailed asset documentation
- Additional documentation for self-employed borrowers
The exact dividing line between conforming and jumbo financing depends on the property’s location, unit count and current FHFA limits.
Learn more about jumbo purchase loans.
First-Time Homebuyer Loans
“First-time homebuyer loan” does not describe one universal mortgage. First-time buyers may use conventional, FHA, VA, USDA or other eligible financing.
Some programs define a first-time buyer as someone who has not owned a principal residence during a specified preceding period. Definitions differ, so previous homeownership does not always prevent participation.
State and local assistance programs may help eligible buyers with down payments or closing costs. These programs can have:
- Income limits
- Purchase-price limits
- Geographic restrictions
- Homebuyer-education requirements
- Primary-residence requirements
- Approved-lender requirements
- Repayment, recapture or resale provisions
- Second-lien or deferred-payment structures
Assistance should not automatically be treated as free money. Buyers should understand whether the assistance is a grant, forgivable loan, deferred loan or repayable second mortgage.
Visit first-time homebuyer loans for a complete guide.
Self-Employed Purchase Loans
Self-employed buyers can qualify for conventional and government-backed mortgages when their documented qualifying income satisfies the applicable requirements.
The challenge is often not the absence of revenue. It is how taxable income is calculated after permitted business expenses and how the lender evaluates income stability.
Providers may request:
- Personal and business tax returns
- Year-to-date profit-and-loss statements
- Business balance sheets
- Business and personal bank statements
- Business licenses or organizational documents
- Verification that the business remains active
- Documentation explaining large deposits
- Evidence supporting the continuation of income
Certain providers also offer bank statement or asset-based programs. Those options may use different documentation, pricing, down-payment and reserve standards.
Compare self-employed mortgages and bank statement loans.
The ShopRates Purchase-Loan Comparison Framework
ShopRates evaluates mortgage categories using seven consumer-focused factors. This framework is designed to help visitors organize their research; it does not replace lender underwriting or individualized professional advice.
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Eligibility fit
Does the program align with occupancy, military eligibility, income, property and intended use?
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Cash required
Consider down payment, closing costs, prepaid expenses and reserves.
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Monthly obligation
Evaluate principal, interest, mortgage insurance, taxes, insurance and association dues.
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Upfront and long-term costs
Compare origination charges, points, insurance and program fees.
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Documentation burden
Identify the income, tax, bank-statement or asset records required.
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Property restrictions
Review appraisal, condition, location, unit count and property type.
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Long-term flexibility
Consider expected ownership period, rate type and likely time in the loan.
How Much Down Payment Do You Need?
Down-payment requirements vary by program, provider, credit profile, property, occupancy and loan amount. Some qualified buyers may have access to low- or no-down-payment financing. Others may choose to contribute more to reduce the loan amount or change pricing and mortgage-insurance costs.
The Consumer Financial Protection Bureau explains that many buyers need at least 3% down, while numerous programs and providers require 5% or more. The CFPB also estimates that closing costs commonly range from approximately 2% to 5% of the purchase price, separate from the down payment. Actual costs vary.
Authority: consumerfinance.gov — determine your down payment
Budget for more than the down payment
- Earnest-money deposit
- Appraisal and inspections
- Lender, title and settlement charges
- Property taxes, insurance and prepaid interest
- Initial escrow deposits
- Association charges
- Moving, repairs and utility deposits
- Post-closing emergency reserves
What Determines Purchase-Loan Eligibility?
Only a lender can determine whether a borrower and property qualify. Most mortgage evaluations consider several broad areas.
Credit profile
A provider may review:
- Credit scores
- Payment history
- Outstanding debts
- Credit utilization
- Collections and charge-offs
- Recent credit inquiries
- Bankruptcies or foreclosures
- Length and depth of credit history
A credit score is important, but it is not the only underwriting factor.
Income and employment
Providers evaluate whether qualifying income is documented, stable and reasonably expected to continue.
Depending on the borrower, documentation can include:
- Pay statements
- W-2 forms
- Tax returns
- Employment verification
- Benefit or award letters
- Bank statements
- Business records
- Profit-and-loss statements
Income received does not necessarily equal income the lender can use for qualification.
Debt-to-income ratio
A debt-to-income ratio compares qualifying monthly debt obligations with qualifying gross monthly income.
Providers may include:
- Housing expenses
- Credit-card minimum payments
- Auto loans
- Student loans
- Personal loans
- Court-ordered obligations
- Other recurring liabilities
Acceptable ratios vary by mortgage program, provider, automated underwriting findings and compensating factors.
Assets and reserves
A lender may verify funds required for:
- Down payment
- Closing costs
- Prepaid expenses
- Required reserves
- Other transaction obligations
Large or unusual deposits may need to be sourced. Buyers should preserve documentation when moving or receiving funds.
Property eligibility
The property generally must meet the program’s requirements for value, condition, use, location and type.
Potential complications include:
- Appraisal below the purchase price
- Significant health or safety issues
- Unpermitted additions
- Title defects
- Property-type restrictions
- Condominium eligibility
- Insurance availability
- Flood-zone requirements
Occupancy
Primary residences, second homes and investment properties have different eligibility and pricing rules.
Never misrepresent occupancy to obtain different loan terms. Buyers intending to rent the property should explore investor financing.
Documents to Prepare for a Purchase Loan
Documentation varies, but preparing these records may make the process more efficient:
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| Category | Prepare when applicable |
|---|---|
| Identity | Prepare when applicableGovernment photo ID; Social Security or permitted taxpayer ID; address history |
| Income | Prepare when applicablePay statements; W-2s; tax returns; award letters; employment contacts |
| Self-employment | Prepare when applicableBusiness/personal returns; P&L; balance sheet; bank statements; business verification |
| Assets | Prepare when applicableBank, investment and retirement statements; gift-fund and large-deposit documentation |
| Debts | Prepare when applicableMortgage, home-equity, student-loan and recurring-obligation information |
| Property | Prepare when applicableSigned purchase agreement; earnest-money proof; insurance and association information |
Prequalification, Preapproval and Final Approval
STAGE ONE
Prequalification
Prequalification is usually an early estimate based on information provided by the consumer. Documentation and credit review practices differ by provider.
Prequalification is not loan approval.
STAGE TWO
Preapproval
A preapproval generally involves a more detailed evaluation of credit, income, assets and debts.
The CFPB defines a preapproval letter as a statement that a lender is tentatively willing to lend up to a stated amount. It is based on assumptions and is not a guaranteed loan offer.
Read the CFPB’s explanation of mortgage preapproval.
STAGE THREE
Final approval
Final approval generally requires acceptable review of:
- Borrower documentation
- Credit and liabilities
- Property appraisal
- Title information
- Insurance
- Purchase contract
- Source of closing funds
- All underwriting conditions
A preapproval can change or expire. Changes to employment, income, credit, debts, available funds or the property may affect the final decision.
The Purchase-Loan Process
Step 1: Establish a comfortable housing budget
Consider more than principal and interest. Include estimated property taxes, homeowners insurance, mortgage insurance, flood insurance, association dues, maintenance, utilities and financial reserves.
A lender’s maximum approval amount is not necessarily a comfortable personal budget.
Use the ShopRates mortgage payment calculator and home-affordability calculator for preliminary planning.
Step 2: Review possible mortgage categories
Compare conventional, FHA, VA, USDA, jumbo and alternative-documentation options based on your circumstances.
Step 3: Seek preapproval from a qualified provider
A lender may review income, assets, credit and debts before issuing a preapproval.
Ask:
- Was my documentation verified?
- Was my credit reviewed?
- How long is the preapproval valid?
- Which conditions remain?
- What could change the estimated amount?
Step 4: Shop for an appropriate property
Work with a qualified real estate professional when appropriate. Consider the property’s price, condition, taxes, insurance, location, association obligations and potential repair costs.
Step 5: Submit an offer
The purchase contract can create binding obligations and deadlines. Financing, appraisal and inspection contingencies may affect the buyer’s rights.
ShopRates does not provide legal advice. Consider consulting a qualified real estate attorney or other appropriate professional when needed.
Step 6: Complete the mortgage application
Under federal rules, a lender generally must provide a Loan Estimate after receiving these six pieces of information:
- Consumer’s name
- Income
- Social Security number for obtaining a credit report
- Property address
- Estimated property value
- Desired loan amount
See the CFPB’s explanation of the information required for a Loan Estimate.
Step 7: Review the Loan Estimate
The Loan Estimate describes important proposed terms and costs, including:
- Loan amount
- Interest rate
- Estimated payment
- Estimated taxes, insurance and assessments
- Closing costs
- Estimated cash to close
- Whether certain risky features are present
Receiving a Loan Estimate does not mean the lender has approved the mortgage.
Use the official CFPB Loan Estimate explainer.
Step 8: Complete appraisal, title and underwriting
The lender evaluates the application, documentation and property. A title or settlement provider researches ownership and title matters. The lender may also verify insurance coverage.
Respond promptly to legitimate documentation requests, but verify requests before sharing sensitive information.
Step 9: Satisfy remaining conditions
Underwriting conditions may concern:
- Updated income or asset documents
- Large deposits
- Employment verification
- Credit inquiries
- Property repairs
- Appraisal issues
- Insurance
- Title matters
- Source of closing funds
Do not assume a “clear to close” has been issued until the lender confirms it.
Step 10: Review the Closing Disclosure
For most covered mortgages, the borrower receives a Closing Disclosure before consummation.
Compare it with the most recent Loan Estimate. Review:
- Loan amount
- Interest rate
- Monthly payment
- Prepayment or balloon features
- Closing costs
- Lender credits
- Cash to close
- Escrow information
Use the CFPB’s Closing Disclosure explainer.
Step 11: Conduct final checks
Confirm transfer instructions independently to reduce the risk of wire fraud. Never rely solely on emailed wiring instructions without verifying them through a trusted telephone number.
Complete the final walk-through and resolve any remaining contractual or property issues through the appropriate professionals.
Step 12: Close the transaction
At closing, the parties execute the applicable documents and the settlement agent handles funds and recording according to the transaction and local law.
Keep copies of the final documents in a secure location.
How to Compare Mortgage Costs
The lowest advertised interest rate is not always the lowest-cost option.
Compare:
- Loan amount
- Interest rate
- Annual percentage rate
- Fixed or adjustable structure
- Discount points
- Origination charges
- Lender credits
- Mortgage insurance
- Funding or guarantee fees
- Third-party charges
- Estimated monthly payment
- Cash to close
- Five-year cost of borrowing
- Prepayment provisions
- Balloon-payment features
- Rate-lock period
- Expected length of ownership
Interest rate versus APR
The interest rate determines the interest charged on the principal balance. The annual percentage rate is designed to reflect the interest rate and certain additional credit costs.
APR can help compare similar loans, but it does not replace a complete review of the Loan Estimate.
Discount points
Discount points are upfront fees that may reduce the interest rate. Paying points may make sense when the expected interest savings exceed the upfront cost during the time you expect to keep the mortgage.
Ask the provider to show:
- The option without points
- The option with points
- The upfront difference
- The monthly-payment difference
- The estimated break-even period
Lender credits
A lender credit can reduce certain upfront costs, often in exchange for a higher interest rate. Compare both immediate cash requirements and longer-term borrowing costs.
Compare Multiple Loan Estimates
Whenever practical, request Loan Estimates based on comparable:
- Loan types
- Loan amounts
- Down payments
- Property values
- Lock periods
- Occupancy
- Credit assumptions
Compare the same sections across each document:
- Loan terms
- Projected payments
- Costs at closing
- Origination charges
- Services the borrower cannot shop for
- Services the borrower can shop for
- Taxes and other government fees
- Prepaids and escrow deposits
- Lender credits
- Cash to close
- Comparisons section
The CFPB recommends comparing multiple Loan Estimates and explains that consumers may be able to negotiate certain mortgage costs. Review its guide to comparing Loan Estimates.
Questions to Ask Before Choosing a Purchase Loan
Ask every potential provider:
- What mortgage programs did you evaluate for me?
- Why are you recommending this option?
- Is the rate fixed or adjustable?
- What is the annual percentage rate?
- Is the quoted rate locked?
- When will the rate lock expire?
- Are discount points included?
- What are the lender’s origination charges?
- Will mortgage insurance apply?
- Is there an upfront mortgage-insurance, funding or guarantee fee?
- What is the estimated complete monthly housing payment?
- How much cash will I need to close?
- Are post-closing reserves required?
- Are seller credits permitted?
- Are gift funds permitted?
- Are there property restrictions?
- Which underwriting conditions remain?
- Could my closing costs change?
- Can the provider meet the contract deadline?
- Is there a prepayment penalty?
- Is there a balloon payment?
- Who is expected to service the mortgage?
- What might cause the loan to be denied before closing?
Ask for important information in writing and verify it against the official disclosures.
Common Purchase-Loan Mistakes
Looking only at the advertised rate
Advertised rates can rely on assumptions about credit, points, down payment, occupancy, loan amount and lock period.
Treating preapproval as guaranteed financing
Preapproval is conditional and does not replace final underwriting.
Spending all available cash on the down payment
Closing costs, prepaid expenses, moving costs, repairs and emergency reserves also matter.
Opening or increasing credit before closing
New debt can affect credit and debt-to-income calculations.
Changing employment or income structure
Changes in employer, hours, pay type or self-employment status may affect underwriting.
Moving money without preserving documentation
Unexplained transfers or deposits can delay underwriting.
Making a large purchase before closing
A vehicle, furniture or other financed purchase can change available assets, credit and monthly debt.
Assuming the appraisal is a home inspection
An appraisal evaluates collateral for the lender. It is not a comprehensive inspection of the property’s condition.
Misrepresenting occupancy
Claiming a rental property will be a primary residence can constitute mortgage fraud.
Ignoring taxes, insurance and association dues
The complete housing expense can be substantially higher than principal and interest alone.
Sending funds without verifying instructions
Real estate wire fraud can result in irreversible losses. Confirm wiring instructions using a trusted, independently verified contact method.
Frequently Asked Questions
What is a purchase loan?
A purchase loan is mortgage financing used to acquire a home or other eligible property. The property typically secures the debt.
What is the difference between a purchase loan and a refinance?
A purchase loan finances the acquisition of a property. A refinance replaces an existing mortgage on a property the borrower already owns.
Is a purchase loan the same as a mortgage?
In everyday use, “purchase loan” and “purchase mortgage” frequently refer to the same financing. Technically, the mortgage or deed of trust is the document securing the repayment obligation with the property.
Do I need 20% down?
No. Some conventional and government-backed programs permit eligible borrowers to contribute less than 20%. Mortgage insurance, fees, pricing adjustments and other requirements may apply.
Can I buy a home with no down payment?
Qualified borrowers may be able to obtain no-down-payment VA or USDA financing. Eligibility, property, occupancy, income and provider requirements apply. Closing costs and other expenses may still be due.
What credit score is required for a purchase loan?
There is no single credit-score requirement for every mortgage. Requirements depend on the program, provider, automated underwriting results and overall borrower profile.
Can I qualify after bankruptcy or foreclosure?
Potentially. Waiting periods and exceptions vary by mortgage program, event, circumstances and provider. Discharge or completion of a bankruptcy does not automatically establish eligibility.
Can self-employed borrowers obtain purchase loans?
Yes. Self-employed borrowers can qualify when they satisfy the applicable documentation and underwriting requirements. Conventional, government-backed, bank statement and asset-based options may be available depending on the borrower.
Does prequalification affect my credit?
It depends on the provider’s process. General education does not affect credit. A soft or hard inquiry may occur when a provider evaluates a consumer. Ask which inquiry will be used before authorizing it.
Does ShopRates pull my credit?
The answer must match the actual ShopRates form and provider process. ShopRates should clearly disclose whether its initial form involves no credit inquiry and whether a connected provider may request authorization later.
Does a preapproval guarantee my purchase loan?
No. Preapproval is conditional. Final approval depends on the borrower, property, documentation, appraisal, title, insurance and satisfaction of underwriting requirements.
How long does the mortgage process take?
Timing varies based on the provider, borrower documentation, appraisal, title work, property issues and underwriting. No closing date should be described as guaranteed.
What are purchase-loan closing costs?
Closing costs can include lender charges, appraisal fees, title services, settlement costs, recording or transfer charges, prepaid interest, property taxes, insurance and initial escrow deposits.
Can a seller pay my closing costs?
Seller contributions may be permitted, subject to the purchase contract and applicable mortgage-program limits. The lender must evaluate and approve the contribution.
What happens if the appraisal is lower than the purchase price?
The lender may base financing on the lower supported value. Depending on the contract and circumstances, the buyer might renegotiate, contribute additional funds, challenge the appraisal through the permitted process or terminate under an applicable contingency.
Should I choose the lowest interest rate?
Not automatically. Compare APR, points, lender fees, mortgage insurance, monthly payment, cash to close and expected borrowing period.
Can ShopRates approve my mortgage?
No. ShopRates is not a lender or loan originator and does not make credit decisions. Independent providers determine eligibility, approval, rates, fees and terms.
Explore Your Purchase-Loan Options
The right home purchase loan should fit the buyer, property, available funds and long-term financial plan—not merely offer an attractive headline rate.
ShopRates can help you identify mortgage categories that may be relevant and connect you with independent providers for further evaluation.
No financing is guaranteed. Rates, fees, eligibility requirements and program availability vary by provider, borrower, property and jurisdiction.
RELATED HOME-BUYING RESOURCES
Sources and Editorial Review
- CFPB Buying a House — consumerfinance.gov/owning-a-home
- CFPB Loan Estimate — consumerfinance.gov/owning-a-home/loan-estimate
- CFPB Closing Disclosure — consumerfinance.gov/owning-a-home/closing-disclosure
- HUD FHA Loans — hud.gov/helping-americans/loans
- VA Purchase Loans — va.gov/housing-assistance/home-loans
- USDA Guaranteed Program — rd.usda.gov single-family-housing-guaranteed-loan-program
- FHFA Conforming Loan Limits — hfa.gov/data/conforming-loan-limit
Financial, Licensing and Referral Disclosure
This content is educational and does not constitute financial, legal, tax, credit or real estate advice.
ShopRates is an informational and marketing platform. ShopRates is not a lender, bank, mortgage broker, loan servicer or loan originator and does not make credit decisions, accept mortgage applications as a lender, issue preapprovals or guarantee approval, rates, savings, closing dates or terms.
ShopRates may connect users with independent lenders, mortgage brokers or other providers. Those providers independently determine eligibility, underwriting, rates, fees and terms. ShopRates may receive compensation from participating providers. Compensation does not change the educational criteria used in the ShopRates Purchase-Loan Comparison Framework.
Availability depends on the consumer, provider, property and jurisdiction. Consumers should verify licensing through nmlsconsumeraccess.org and confirm government-program information with the administering agency.