Loan programs
Ten programs, compared honestly
We are a broker, not a bank, so nothing here is the product we happen to be pushing this quarter. Every program has a real reason to exist and a real reason to avoid it.
Buying a home
Five ways to buy, from zero down to a straightforward 20% conventional loan.
Conventional loanThe workhorse loan for buyers with steady income and reasonable credit. Down payments start at 3%.3% (5% for a second home) down620 scoreProgram details
FHA loanInsured by the Federal Housing Administration. Built for buyers whose credit is still recovering.3.5% down580 scoreProgram details
VA loanZero down, no monthly mortgage insurance, for service members, veterans and surviving spouses.0% down580 (lender overlay) scoreProgram details
USDA rural loanNo down payment in eligible areas, and more of metro Atlanta's outer ring qualifies than people expect.0% down620 scoreProgram details- First-time buyer programOur bundled path: a low-down-payment first mortgage plus the Georgia assistance funds you qualify for.As low as $0 out of pocket with assistance down620 for most assistance programs scoreProgram details
Refinancing
Reset the rate, shorten the term, or pull equity out. We run the break-even before you apply.
Rate and term refinanceReplace your current loan with a better rate, a shorter term, or both. No cash out.Equity of 5% or more down620 scoreProgram details
Cash-out refinanceReplace your mortgage with a larger one and take the difference in cash at closing.Keep 20% equity after the cash out down640 scoreProgram details
Equity and specialty
Lines of credit, jumbo financing above the conforming limit, and reverse mortgages for homeowners 62 and older.
Home equity line of creditA revolving line against your equity that leaves your first mortgage exactly where it is.Keep 10% to 15% equity down660 scoreProgram details
Jumbo loanFinancing above the conforming limit, for Buckhead, Druid Hills and the north side.10% to 20% depending on loan size down700 scoreProgram details
Reverse mortgageFor homeowners 62 and older who want to convert equity into income without a monthly payment.Existing equity of roughly 50% downNo minimum, financial assessment applies scoreProgram details
All ten, side by side
Minimums shown are program floors, not promises. Your own numbers depend on credit, income, property and the day you lock.
| Program | Minimum down | Minimum score | Terms | Mortgage insurance | Best for |
|---|---|---|---|---|---|
| Conventional loan | 3% (5% for a second home) | 620 | 10, 15, 20, 25 or 30 years | Cancels at 20% equity | Buyers with a 620+ score who want the insurance to drop off later |
| FHA loan | 3.5% | 580 | 15, 20, 25 or 30 years | Upfront 1.75% plus annual premium | Buyers with thin or bruised credit, or higher debt loads |
| VA loan | 0% | 580 (lender overlay) | 15, 20, 25 or 30 years | None | Active duty, veterans, reservists and eligible surviving spouses |
| USDA rural loan | 0% | 620 | 30 years | Upfront 1% plus 0.35% annual (sample) | Buyers within income limits who are open to the outer counties |
| First-time buyer program | As low as $0 out of pocket with assistance | 620 for most assistance programs | 30 years | Depends on the first mortgage chosen | Anyone who has not owned a home in the last three years |
| Rate and term refinance | Equity of 5% or more | 620 | 10, 15, 20, 25 or 30 years | Removable above 20% equity on conventional | Homeowners whose rate is meaningfully above today's market |
| Cash-out refinance | Keep 20% equity after the cash out | 640 | 15, 20 or 30 years | Not required above 20% equity | Homeowners funding renovations, debt consolidation or tuition |
| Home equity line of credit | Keep 10% to 15% equity | 660 | 10-year draw, 20-year repayment | None | Homeowners with a low existing rate who need flexible access |
| Jumbo loan | 10% to 20% depending on loan size | 700 | 15, 20 or 30 years, fixed or ARM | Usually none | Buyers above the conforming limit, often with complex income |
| Reverse mortgage | Existing equity of roughly 50% | No minimum, financial assessment applies | No term, due on sale or move-out | FHA insurance premium applies | Homeowners 62+ with substantial equity who plan to stay put |
Figures shown are sample illustrations for a demo website, not an offer to lend.
Choosing between them
It usually comes down to three things: your credit score, how much cash you have, and whether you have a VA entitlement. A fifteen minute call narrows ten programs to one or two, and we do not charge for it.
Yes, up until we submit final underwriting. It happens often, usually when an assistance program comes through or an appraisal changes the math.
A broker. We place your loan with the investor that prices it best, which is why we can compare ten programs honestly rather than steering you toward one product.
Our compensation is disclosed on your Loan Estimate before you commit to anything, and it is the same regardless of which program you choose. That is deliberate.
Magnolia Lending Group
Not sure which one fits?
Tell us your situation and we will narrow ten programs down to one or two in a single phone call.
Free consultation. Sample rates and assistance amounts shown on this site are illustrations, not offers.