Which Loan MAY BE Right For You?

Which Loan May Be Right for You?

Choosing the right mortgage is not just about finding a loan. It is about finding the loan option that fits your goals, budget, timeline and long-term plans.

At Legacy Mortgage Services, we take time to understand your situation before recommending a loan program. Whether you are buying your first home, using your VA benefit, moving to the Clarksville/Ft. Campbell area, purchasing your next home or refinancing your current mortgage, our team is here to help you compare your options and feel confident in your next step.

The right loan may depend on several factors, including your credit, income, down payment, military eligibility, property type, loan amount and how long you plan to stay in the home. Below are a few common loan options we can review with you.

VA Loans

A VA loan may be a great option for eligible service members, veterans and certain surviving spouses. VA loans are especially important in the Clarksville and Ft. Campbell area, where many buyers are using a benefit they earned through military service.

VA loans may offer:

  • No down payment requirement for eligible borrowers
  • No monthly private mortgage insurance
  • Flexible qualification guidelines
  • Competitive financing options
  • Options for purchase or refinance

Eligible borrowers with full VA entitlement do not have a VA-set loan limit, as long as they can qualify for the loan amount and the property supports the value. VA loans still require approval based on income, credit, entitlement, occupancy and property requirements.

A VA loan may be worth considering if:

  • You are an eligible veteran, service member or surviving spouse
  • You want to buy with little or no down payment
  • You are relocating to or from the Fort Campbell area
  • You want to use or reuse your VA home loan benefit

FHA Loans

An FHA loan may be a good option for buyers who need a lower down payment or more flexible qualification guidelines. FHA loans are insured by the Federal Housing Administration and are often used by first-time buyers, but they are not limited to first-time buyers.

FHA loans may offer:

  • Lower down payment options
  • More flexible credit guidelines
  • Fixed-rate mortgage options
  • Financing for eligible primary residences
  • Options for buyers who may not qualify for conventional financing

FHA loans are subject to county-specific loan limits and include mortgage insurance. For 2026, FHA’s nationwide one-unit floor is $541,287, and some higher-cost areas have higher limits.

An FHA loan may be worth considering if:

  • You want a lower down payment option
  • You are still building or rebuilding credit
  • You are buying a primary residence
  • You want to compare FHA against conventional or VA options

Conventional Loans

A conventional loan is a common mortgage option that is not insured by the federal government. Many conventional loans are considered conforming loans, meaning they meet guidelines set by Fannie Mae and Freddie Mac.

Conventional loans may offer:

  • Options for primary residences, second homes and investment properties
  • Fixed-rate and adjustable-rate options
  • Down payment options that may be as low as 3% for eligible borrowers
  • The ability to remove private mortgage insurance when certain requirements are met
  • Flexible options for borrowers with strong credit and stable income

Fannie Mae lists 97% loan-to-value options, which means some eligible conventional borrowers may be able to finance with as little as 3% down.

For 2026, the baseline conforming loan limit for a one-unit property is $832,750. Loans above the applicable conforming limit may require jumbo financing.

A conventional loan may be worth considering if:

  • You have established credit
  • You want to buy a primary residence, second home or investment property
  • You want to compare low down payment options
  • You want a loan option that may not require government mortgage insurance

Jumbo Loans

A jumbo loan may be used when the mortgage amount is higher than the conforming loan limit for the county and property type. These loans are often used for higher-priced homes or unique financing situations.

Jumbo loans may offer:

  • Financing above conforming loan limits
  • Options for primary residences, second homes and investment properties
  • Fixed-rate and adjustable-rate options
  • Flexible program structures depending on borrower qualifications

Because jumbo loans involve larger loan amounts, they may have different qualification requirements than standard conventional loans. This can include stronger credit, larger down payment expectations, additional reserves and more detailed underwriting.

A jumbo loan may be worth considering if:

  • Your loan amount is above the conforming loan limit
  • You are purchasing a higher-priced home
  • You have strong credit, income and asset documentation
  • You want to review fixed-rate or adjustable-rate jumbo options

Refinance Options

If you already own a home, refinancing may help you review your current mortgage and see whether a new loan better fits your goals.

A refinance may be used to:

  • Review your current interest rate and monthly payment
  • Change your loan term
  • Move from an adjustable-rate loan to a fixed-rate loan
  • Access available home equity
  • Refinance from one loan type to another
  • Use a VA Interest Rate Reduction Refinance Loan, also known as an IRRRL, if eligible

A refinance is not the right move for everyone, which is why our team will help you compare the potential costs, savings and long-term impact before you decide.

A refinance may be worth considering if:

  • Your financial goals have changed
  • You want to review your current loan terms
  • You need to access equity
  • You want to compare payment or term options
  • You are eligible for a VA refinance option

Not Sure Where to Start?

That is exactly what we are here for.

You do not need to know which loan program is best before you contact us. At Legacy Mortgage Services, we will review your goals, answer your questions and help you compare the options available for your situation.

Whether you are buying, refinancing, relocating or just beginning to explore your options, our local team is ready to help you move forward with confidence.

Contact Legacy Mortgage Services today to start your home loan conversation.

Apply Now!