A conventional mortgage is a home loan that falls under the conforming loan limit of $548,250, and can be as high as $822,375 in high cost area, which is set annually by the Federal Housing Finance Agency. The interest rate is fixed and the loan term is typically 15 or 30 years.
- Requires higher credit scores
- Allows slightly smaller down payments
- Has more liberal property standards
- Private mortgage insurance (PMI) required if less than 20% down
Best for: People with down payments or equity
Standard fixed-rate mortgages
Multiple jumbo options exist if you need a home loan that exceeds the current conforming limit for higher-priced real estate markets.
- Fixed or adjustable rates
- Credit score of 700 or higher often required
- Minimum 10% down often required
Best for: Buyers of higher-priced homes
Loans over the conventional loan limit
FHA loans are backed by the Federal Housing Administration and are designed to help lower-income borrowers buy a home.
- Down payment as low as 3.5%
- Credit score as low as 600
- Mortgage insurance premium payments required
Best for: Borrowers who need a little more help qualifying
Low down payment and lower credit requirements
VA loans are backed by the Department of Veterans Affairs. Veterans, active-duty service members, and surviving spouses with qualifying income and credit can buy a primary residence with favorable terms.
- No down payment
- Upfront VA funding fee required
- No mortgage insurance
Best for: Military-qualified borrowers
For Veterans and their families
USDA loans are backed or issued by the U.S. Department of Agriculture. Your small-town dreams of rural homeownership can be made possible with a USDA home loan.
- No down payment required on most properties
- Home improvement loans and grant options
- Income limits and property value caps apply
- Only available in specific areas as specified by the USDA
Best for: Income-qualified buyers in rural and some suburban areas who want a low or zero down payment
Loans in rural areas with no down payment required
Specialty loan programs accommodate specific and unique needs, such as self-employed borrowers who have trouble showing their income or property types that are outside the norm.
Best for: Borrowers who have unique qualifying or property needs
These products provide you the funding during the construction process and the mortgage loan all wrapped-up in one loan.
Best for: Fixer-uppers, new construction, and large-scale home improvements
Renovation & Construction
For building or renovating your dream home
A reverse mortgage is the opposite of a traditional home loan: instead of making a monthly mortgage payment, the lender pays you. You are still responsible for property taxes, homeowner's insurance, and other related costs. Most are insured by the Federal Housing Administration as Home Equity Conversion Mortgages (HECMs).
- Aged 62 or older
- You and/or an eligible spouse live in the home as your primary residence
- You own your home outright or have a high amount of equity available
- The property meets all FHA property standards and flood requirements
Loans that pay you over time
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