At 660, you have access to virtually every mortgage program. Conventional loans become increasingly attractive as PMI costs drop at this level. For veterans, VA loans continue to offer the best overall terms. FHA remains competitive but conventional may edge ahead depending on your down payment. You may also qualify for some jumbo loans if you need higher loan amounts. NMHL can compare all options side-by-side.

If you can wait 3-6 months, yes. Crossing 680 and especially 700 unlocks measurably better rate pricing. The rate improvement from 660 to 700 typically saves $50-$125 per month on a $300,000 loan, adding up to $18,000-$45,000 over 30 years. However, if home prices are rising quickly in your market, the cost of waiting may offset the rate savings.

Some jumbo lenders will consider a 660 score if you have strong compensating factors such as a large down payment (20-30%), substantial cash reserves (12+ months of payments), low debt-to-income ratio, and stable high income. Most jumbo programs prefer 700+, so your options will be more limited. NMHL works with a wide network of jumbo lenders and can match you with the right fit.

Private mortgage insurance (PMI) is required on conventional loans with less than 20% down. At 660, PMI rates typically range from 0.55-1.0% of the loan amount annually, adding roughly $115-$250 per month on a $300,000 loan. The key advantage over FHA: PMI automatically cancels when you reach 78% loan-to-value, while FHA mortgage insurance typically stays for the life of the loan.