Mortgage Loan Types
Compare different mortgage options to find the best fit for your situation.
Conventional Loans
Not backed by the government. Best for buyers with good credit.
- Down payment: As low as 3%
- Credit score: 620+ recommended
- Competitive interest rates
- PMI can be removed at 20% equity
FHA Loans
Backed by Federal Housing Administration. Great for first-time buyers.
- Down payment: As low as 3.5%
- Credit score: 580+ minimum
- More lenient credit requirements
- Mortgage insurance required
VA Loans
For military service members, veterans, and eligible spouses.
- Down payment: 0% (no down payment required)
- No PMI required
- Competitive rates
- Funding fee may apply
USDA Loans
For rural and suburban homebuyers with low-to-moderate income.
- Down payment: 0% (no down payment required)
- Property must be in eligible rural area
- Income limits apply
- Low interest rates
Fixed-Rate Mortgages
Interest rate stays the same for the life of the loan.
- Predictable monthly payments
- 15-year or 30-year terms common
- Protected from rate increases
- Best for long-term homeowners
Adjustable-Rate Mortgages (ARM)
Interest rate can change periodically based on market conditions.
- Lower initial interest rate
- Rate adjusts after initial period
- Can save money if rates drop
- Best if planning to move soon