Chris Milker The Mortgage Guy

07/21/2026

The question I hear most from first-time buyers is some version of: “Which loan requires the least money down?”

It makes complete sense to ask that.

But starting there can sometimes make the decision harder—not easier.

FHA financing offers flexible qualification guidelines, which can help many buyers. It also includes upfront and annual mortgage insurance that affects both the amount financed and the monthly payment.

Conventional financing can be available with as little as 3% down in some situations. The interest rate and cost of private mortgage insurance depend on the complete loan profile.

For eligible veterans, active-duty service members and qualifying surviving spouses, VA financing may allow the purchase of a primary residence without a required down payment or monthly private mortgage insurance. A funding fee may still apply.

USDA financing can provide 100% financing when the property and household meet the program’s eligibility requirements.

Down payment assistance may also be worth exploring. But assistance doesn’t automatically mean no cash at closing. The program’s interest rate, fees, repayment terms and other requirements all matter.

So where should the conversation begin?

With your income, credit profile, available funds, comfortable monthly payment and plans for the home.

Once those pieces are clear, comparing the available loan options becomes much more straightforward.

That’s the part people sometimes skip—and it’s the part that makes everything else easier.

07/17/2026

A lot of buyers hear "jumbo loan" and immediately assume that means stricter requirements they probably won't meet.

That assumption can cause buyers to rule out homes before they’ve looked at their actual financing options.

Here's what's worth knowing before you get there.

For 2026, the baseline conforming loan limit on a single-unit property is $832,750 in most counties. Some higher-cost counties have limits above that. So a loan that exceeds the national baseline isn't automatically jumbo. It might fall into high-balance conforming territory, which operates under different guidelines than a true jumbo product.

That means there are actually three categories to think about, not two.

Standard conforming financing applies when the loan amount is at or below the national baseline. High-balance conforming may apply above the baseline in designated high-cost counties, up to the applicable local limit. Jumbo financing begins when the loan amount exceeds the applicable conforming limit for that county and property type..

The distinction matters because the requirements aren't the same across all three.

Jumbo lenders do look more carefully at credit history, income stability, down payment, assets, and reserves. But there's no single universal standard. There is no universal rule requiring a 700 credit score, 20% down, or 12 months of reserves across every jumbo program. The guidelines shift depending on the scenario and the program.

So before assuming a higher-priced purchase puts you in jumbo territory, or that jumbo territory means you're out, the better starting point is identifying the actual limit for the county you're buying in.

That one number changes the whole conversation.

Learn more about high-balance and jumbo financing:
https://chrismilker.com/loan-options/high-balance-jumbo

Jumbo and high-balance loans are designed for higher-priced homes. Learn how they work, what’s required, and how to structure financing correctly.

07/16/2026

One word stops a lot of buyers from even asking about USDA loans.

Rural.

They hear it and picture farms, dirt roads, and towns with one stoplight. So they move on without ever checking.

That assumption can cause buyers to overlook an option that might have worked.

USDA's Guaranteed Loan Program can cover 100% of the appraised value for eligible primary residences. No down payment required by the program itself. Buyers may still need funds for closing costs, prepaid taxes and insurance, or other expenses, but the program itself does not require a down payment for those who qualify.

The areas that qualify might surprise you. Smaller towns, growing communities, places that honestly feel suburban in a lot of ways. The map doesn't always match the mental image.

Two things actually determine whether USDA is worth a closer look:

→ Is the property in an eligible area?
→ Is the household within the income limits?

That second one catches people off guard. USDA looks at household income, not just the income being used to qualify. That means income from adult household members may need to be included, even if they’re not borrowers on the loan. It's a meaningful distinction.

On the cost side, there's a 1% upfront guarantee fee that can be financed into the loan, and a 0.35% annual fee based on the remaining principal balance.

Worth checking before ruling it out.

Learn more about USDA loan options: https://chrismilker.com/loan-options/usda-loans

USDA loans offer zero down payment for eligible rural and suburban areas. Learn how they work and whether a property qualifies.

07/15/2026

The VA home loan benefit is one of the most misunderstood tools in residential lending.

Not because it's complicated, but because the information out there tends to swing between two extremes: either it's sold as a magic solution with no strings attached, or it gets dismissed as too much hassle.

Neither of those is accurate.

Here's what it actually does.

For eligible veterans, active-duty service members, and qualifying surviving spouses, a VA loan can make it possible to buy a primary residence without a down payment. That can make homeownership possible without spending years saving for a traditional down payment. But “no down payment” doesn’t mean no cash at closing.

There’s also no monthly private mortgage insurance. Depending on the loan amount and available alternatives, that can make a meaningful difference in the monthly payment.

Most VA borrowers will pay a one-time funding fee. The amount varies based on loan type, whether a down payment is being made, and whether the benefit has been used before. Some borrowers are exempt from it entirely, and in most cases it can be financed into the loan.

One thing I think gets missed a lot: VA eligibility is only the starting point.

Income, credit history, residual income, entitlement, occupancy requirements, and the property itself all still go through review. Eligibility doesn't guarantee approval.

And the VA loan isn't automatically the right fit for every eligible borrower. Sometimes another option makes more sense. That's worth knowing before assuming one way or the other.

If you’ve earned this benefit, it deserves a clear review before being set aside.

Learn more: https://chrismilker.com/loan-options/va-loans

VA loans offer zero down payment and flexible qualification for eligible veterans and service members. Learn how they work and when they make sense.

07/15/2026

One week from today.

If you've been wondering how top-producing Realtors stay consistent when the market shifts, this is the conversation you don't want to miss.

On Tuesday, July 21st at 3pm ET, we're sitting down with Annie Cash — a Realtor out of Oak Harbor, Washington who has built a referral-based business that continues to grow regardless of what the market is doing. She'll be sharing the habits, mindset, and strategies that have kept her producing when others slow down.

It's completely free and live on Zoom. Come with questions, and bring a Realtor friend who could use some inspiration right now.

Register here: https://agentanimals.com/agentinspire

07/14/2026

If your credit or available down payment has made homeownership feel out of reach, an FHA loan may be worth considering.

FHA loans are insured by the Federal Housing Administration and may allow a down payment as low as 3.5%. FHA guidelines permit maximum financing with a qualifying credit score of 580 or higher. Scores between 500 and 579 may be eligible with at least 10% down, although individual lender requirements can vary.

FHA loans also include mortgage insurance. There is generally an upfront mortgage insurance premium of 1.75% of the base loan amount, which can usually be financed into the loan, along with an annual premium paid monthly.

How long the monthly mortgage insurance remains depends largely on the original down payment. With more than 10% down, it generally lasts 11 years. With less than 10% down, it will generally remain for the life of the FHA loan.

FHA loan limits vary by county, and FHA is available to qualifying repeat buyers as well as first-time buyers.

Before deciding that FHA is—or isn’t—the right option, it makes sense to compare the complete payment, cash needed at closing, and available alternatives.

Learn more about FHA loan options:
https://chrismilker.com/loan-options/fha-loans

Learn how FHA loans work, including low down payment options, flexible credit guidelines, and financing guidance from Chris Milker, NMLS #277954.

05/08/2026

Most people don’t hesitate because they don’t have options.

They hesitate because they don’t want to make the wrong decision.

That hesitation builds the longer nothing moves.

And that’s usually what makes the decision feel harder over time.

05/07/2026

There’s a difference between qualifying for a loan and being prepared to buy.

You can qualify on paper…
but still not feel confident moving forward.

Preparation is what gives you clarity—not just approval.

05/06/2026

A lot of people hesitate to have a mortgage conversation because they think it means they’re committing to something.

It doesn’t.

The first conversation is just about understanding your options.

Clarity doesn’t lock you in—it opens things up.

05/05/2026

I had a conversation recently where someone asked,
“How much can I afford?”

What they really meant was:
“What’s the highest number I can get approved for?”

Those aren’t the same thing.

Approval is based on guidelines.
Affordability is based on your life.

The gap between those two is where a lot of people get uncomfortable later.