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2026 Mortgage Loan Program Matrix
Institutional Program Guide
Compare Mortgage Loan Programs
Side-by-side underwriting comparison of FHA, Conventional, VA, USDA, Texas DPA Grants, and ITIN Portfolio loan structures.
Most Popular for 1st-Time Buyers
FHA Loan (Federal Housing Administration)
2026 Texas Loan Limit$524,225 (Standard Texas Counties)
Min. Credit Score580 (3.5% down) / 500 (10% down)
Min. Down Payment3.5%
Max. DTI Ratio43% - 50% (with AUS compensating factors)
Mortgage InsuranceUpfront MIP (1.75%) + Monthly MIP (0.55% for life of loan with <10% down)
Who This Program is Best Suited For:Borrowers with lower credit scores (580-640) or past derogatory credit marks.
Key Program Advantages
- •Low 3.5% down payment requirement
- •Lenient credit score criteria down to 580
- •Allows 100% gift funds for down payment & closing
- •Non-occupant co-signers permitted
Potential Underwriting Constraints
- •Mortgage insurance (MIP) cannot be canceled without refinancing
- •1.75% upfront fee added to total loan balance
- •Stricter property safety & appraisal standards
Complete Side-by-Side Comparison
| Loan Program | Min. FICO | Down Payment | Max DTI | PMI / MIP | Texas Limit |
|---|---|---|---|---|---|
| FHA Loan | 580 | 3.5% | 43% - 50% | Upfront MIP | $524,225 |
| Conventional Loan | 620 | 3% (HomeReady/Home Possible) or 5% (Standard) | 45% - 50% | Private Mortgage Insurance | $806,495 |
| VA Loan | No official statutory min | 0% Down Payment | Up to 50%+ | Zero Monthly Mortgage Insurance | No statutory maximum with full entitlement |
| USDA Rural Housing Loan | 640 | 0% Down Payment | 29% Front-End / 41% Back-End | 1.00% Upfront Guarantee Fee + 0.35% Annual Fee | Based on geographic county limits |
| Texas Down Payment Assistance | 620 | 0% Out of Pocket (Grant covers down payment) | 45% - 50% | Subject to underlying 1st lien | Conforming Texas Caps |
| ITIN Non-QM Portfolio Loan | 600+ ITIN Score or Alternative Credit | 10% - 15% Down Payment | 50% | Zero Government MIP / Portfolio Structure | $1,500,000 |