If you are not a veteran and have 20% cash for a down payment, which mortgage is recommended?

A conventional mortgage is recommended in this scenario because it is designed for borrowers like you who are not veterans and have a significant cash down payment of 20%. This type of mortgage typically has more favorable terms, such as lower interest rates and no requirement for private mortgage insurance (PMI) when the down payment is at least 20%. Additionally, conventional loans are backed by private lenders and do not have the same government restrictions that come with loans like FHA or VA.

In contrast, an FHA loan is intended for those with lower credit scores or smaller down payments, and it involves additional insurance costs. A VA loan is exclusive to veterans and active-duty military personnel, which does not apply in your case. No Document (No Doc) loans are high-risk alternatives that often come with much higher interest rates and strict qualifications, making them less suitable for someone in your financial position. Thus, a conventional mortgage aligns best with your criteria of having a substantial down payment and not being a veteran.