There isn't one right loan. There's the right one for you.
Eleven programs, what each one actually does, and the part most lenders skip — when it's the wrong choice. Read the one that sounds like you, then let's talk about the two you didn't consider.
Conventional
The default for most buyers with steady income and decent credit.
- The 2026 conforming limit is $832,750 for a one-unit home — and that's the ceiling in every Texas county.
- Mortgage insurance drops off once you reach 20% equity. FHA's usually doesn't.
- Stronger credit earns its best pricing here — this is where a 740+ score pays off most.
Probably not your program if your credit history is thin, or your debts need FHA's more forgiving ratios to fit.
FHA
Built for buyers whose credit or savings are still catching up.
- The 2026 Austin-area FHA limit is $571,550 — Travis, Williamson, Hays, Bastrop and Caldwell counties all share it.
- Accepts lower scores and higher debt ratios than conventional will.
- Gift funds from family can cover the entire down payment.
Probably not your program if you've got 20% down and strong credit — FHA's mortgage insurance typically rides along for the life of the loan.
VA
For eligible veterans, active duty, and surviving spouses. As a Marine veteran myself, this is the program I take personally.
- No monthly mortgage insurance, ever. That one fact often beats a lower rate somewhere else.
- No loan limit with full entitlement — the cap is what you qualify for.
- It's reusable. A VA loan is not a once-in-a-lifetime benefit, and it can be assumable by another eligible buyer.
Probably not your program if you're eligible, it rarely is a bad fit — but if you're putting serious money down, we'll compare the one-time funding fee against conventional before you commit.
USDA
Zero down — and more of Central Texas qualifies than people expect.
- Eligibility runs on the property's address and your household income, not on whether it "feels" rural.
- Parts of Hays, Williamson, Bastrop and Caldwell counties qualify — think the edges of the metro, not the middle of nowhere.
- Worth checking the map before you assume you're out.
Probably not your program if you're over the county income limit, or buying inside the urban core.
Jumbo
Above the conforming limit, with its own rulebook.
- Anything over $832,750 in Texas is jumbo territory in 2026.
- Reserves matter more here than anywhere else — expect to document money left over after closing.
- Pricing varies widely from one investor to the next. This is the loan where shopping actually pays.
Probably not your program if you're just over the conforming line — sometimes splitting the loan keeps you under it and prices better.
Bank Statement
For self-employed buyers whose tax returns understate what they actually earn.
- Qualifies on 12 or 24 months of bank deposits instead of the net income left after write-offs.
- Built for business owners, 1099 contractors, and commission earners.
- The rate runs higher than conventional — that's the trade for not being punished for your deductions.
Probably not your program if your returns already show enough income. Conventional will price better every time.
DSCR / Investor
Qualifies on the property's rent, not your personal income.
- No tax returns, no W-2s, no personal debt-to-income calculation.
- The rent has to cover the payment — that ratio is basically the whole approval.
- Doesn't eat into the conventional financed-property limits the way a personal loan does.
Probably not your program if you're going to live in it. DSCR is investment property only.
Bridge
Buy the next one before the current one sells.
- Lets you make a non-contingent offer — which is what wins in a tight market.
- Short-term by design. There's an exit plan from day one.
- Costs more than a standard loan. It's worth it when the alternative is losing the house.
Probably not your program if you can comfortably carry both payments, or your current home is already under contract.
Renovation
One loan for the house and the work it needs.
- Finances the purchase and the improvements together, at one closing.
- Based on the after-improved value, not what the house is worth today.
- Turns the house nobody else wants into the one you wanted all along.
Probably not your program if the work is cosmetic and cheap — a standard loan plus cash is simpler.
Cash-Out Refinance
Access your equity — under rules that are unique to Texas.
- Texas caps cash-out at 80% of your home's value. That's not a lender rule — it's in the state constitution.
- Lender fees on a Texas cash-out are capped at 2% of the loan amount.
- Once a Texas cash-out, always one: the 80% cap follows the home on every refinance after.
Probably not your program if you need a small amount and want to protect a low first-lien rate. Compare a home equity line first — it's right below this one.
HELIX Home Equity Line
CMG's home equity line of credit — tap your equity without touching your current mortgage.
- Borrow up to $750,000, up to 80% of your home's value combined with your existing mortgage.
- 5-year draw with interest-only payment options, then a 25-year repayment — draw what you need, when you need it.
- Funded in as little as 3 days, and your current mortgage doesn't change — not the rate, not the payment, not a thing.
Probably not your program if you need one fixed lump sum with a locked payment from day one — ask me about a fixed second or a cash-out instead.
Three numbers that shape every Austin loan
Figures current for 2026 and updated when FHFA and HUD publish new limits each winter. Program details are general guidance, not a commitment to lend — your terms depend on your file.
Not sure which one is yours?
That's the normal starting point. Tell me your situation and I'll tell you the two or three worth comparing — and why.