For most homebuyers, financing is the single biggest piece of the puzzle — and understanding your options before you start house hunting can save you time, stress, and money. Here's a breakdown of common loan types available to buyers in Greensboro, Winston-Salem, High Point, and across the Triad.

Conventional Loans

The most common loan type, conventional loans typically require a down payment between 5-20% and stronger credit than some government-backed options. Buyers who put down less than 20% will usually pay private mortgage insurance (PMI) until they build enough equity.

FHA Loans

Backed by the Federal Housing Administration, FHA loans are popular with first-time buyers because they allow down payments as low as 3.5% and are more flexible on credit history. There are loan limits and mortgage insurance requirements to be aware of, which your lender can walk you through.

VA Loans

Available to eligible veterans, active-duty service members, and some surviving spouses, VA loans often require no down payment and no private mortgage insurance — making them one of the most cost-effective options for those who qualify.

USDA Loans

For buyers looking in eligible rural or suburban areas surrounding the Triad, USDA loans can offer zero-down-payment financing for qualifying properties and income levels.

First-Time Buyer Assistance Programs

North Carolina and local municipalities periodically offer down payment assistance and closing cost programs for first-time buyers. These can vary year to year, so it's worth asking your agent what's currently available.

How to Choose the Right Option

The best loan type depends on your credit profile, how much you have saved, and the type of property you're purchasing. A local lender can help you compare rates and monthly payments across programs — and getting pre-approved before you start touring homes puts you in a stronger position to make an offer when you find the right one.

Visit our full Financing Options page for more detail, or talk to one of our agents about lenders we frequently work with in the Triad.

FAQs: Home Financing

Q: How much down payment do I actually need? A: It depends on the loan type — anywhere from 0% (VA/USDA, if eligible) to 20% for a conventional loan without PMI. Most buyers land somewhere in between.

Q: What's the difference between pre-qualification and pre-approval? A: Pre-qualification is a quick estimate based on self-reported information. Pre-approval involves your lender verifying income, credit, and assets — and it carries much more weight with sellers.

Q: Can I use a gift from family toward my down payment? A: In many cases, yes — most loan programs allow gifted funds, though documentation requirements apply. Your lender can confirm the specifics for your loan type.

Q: Do you recommend specific lenders? A: We work with a number of trusted local lenders and are happy to make introductions based on your situation. Reach out to our team to get connected.

Not sure which loan option fits your situation? Contact Triad's Finest Real Estate and we'll help connect you with the right resources — or browse homes for sale with one of our buyer's agents already in mind.