Fixed Rate Mortgage

Maximum Loan

Down

Payment

Terms

Credit Score

Mortgage Insurance

Varies by area

No (if under 80% loan-to-value

620 minimum

15 or 30 years, fixed

5%

FHA Loan

Maximum Loan

Down

Payment

Terms

Credit Score

Mortgage Insurance

Varies by area

Yes

580 minimum

10, 15, 20, 25 or 30 years, fixed and adjustable

3.5%

VA Loans

Maximum Loan

Down

Payment

Terms

Credit Score

Mortgage Insurance

Varies by area

No

600 minimum

10, 15, 20, 25 or 30 years, fixed and adjustable

None

Jumbo Loans

Maximum Loan

Down

Payment

Terms

Credit Score

Mortgage Insurance

$2.5 million

No

700 minimum

15 or 30 years, fixed and adjustable

20%

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Rural Housing (USDA) Loans

Maximum Loan

Down

Payment

Terms

Credit Score

Mortgage Insurance

Varies by area

No Up-Front Guarantee Fee financed into loan

620 minimum

30 years, fixed

None

FHA 203(k) Rehab Loan

Maximum Loan

Down

Payment

Terms

Credit Score

Mortgage Insurance

Varies by area

Yes

640 minimum

30 years, fixed

3.5%

FHA/VA One-Time Construction to Perm

Maximum Loan

Down

Payment

Terms

Credit Score

Mortgage Insurance

Varies by area

Yes

620 minimum

30 years, fixed

0%to3.5%