Loan Types

Which mortgage fits your situation?

Check anything that applies to you to see which loan types might be worth a closer look, then select up to 3 to compare side by side.

Check anything that applies to you to see which loan types might be worth a closer look.

Select up to 3 loan types to compare in detail.

CompareLoan typeMin downMin creditBenefitsWatch out for
Conventionali
3%620+
  • PMI cancels once you reach 20% equity
  • No upfront mortgage insurance fee
  • Widest choice of lenders
PMI required below 20% down
FHAi
3.5%580+ (guideline)
  • More forgiving credit requirements
  • Down payment can come from a gift or grant
  • Easier approval with past credit issues
Mortgage insurance (MIP) often lasts for the life of the loan
VAi
0%Flexible
  • No down payment required
  • No monthly mortgage insurance
  • Limits on lender closing costs
Funding fee applies (waived for some veterans)
USDAi
0%640+ (typical)
  • No down payment required
  • Often below-market interest rates
  • Reduced mortgage insurance vs. FHA
Property location and household income limits apply
Jumboi
10-20%700+
  • Finances homes above conforming limits
  • Can sometimes bundle into one loan vs. two
  • Competitive rates for strong borrowers
Stricter approval and often higher rates

Estimates and general guidelines only — actual eligibility and terms vary by lender. Not financial advice.