Fixed Rate Mortgage
Down
Payment
Terms
Credit Score
Mortgage Insurance
Maximum Loan
5%
15 or 30 years, fixed
620 minimum
No (if under 80% loan-to-value
Varies by area
FHA Loan
Down
Payment
Terms
Credit Score
Mortgage Insurance
Maximum Loan
3.5%
10, 15, 20, 25 or 30 years, fixed and adjustable
580 minimum
Yes
Varies by area
VA Loans
Down
Payment
Terms
Credit Score
Mortgage Insurance
Maximum Loan
None
10, 15, 20, 25 or 30 years, fixed and adjustable
600 minimum
No
Varies by area
Jumbo Loans
Down
Payment
Terms
Credit Score
Mortgage Insurance
Maximum Loan
20%
15 or 30 years, fixed and adjustable
700 minimum
No
$2.5 million
Rural Housing (USDA) Loans
Down
Payment
Terms
Credit Score
Mortgage Insurance
Maximum Loan
None
30 years, fixed
620 minimum
No Up-Front Guarantee Fee financed into loan
Varies by area
FHA 203(k) Rehab Loan
Down
Payment
Terms
Credit Score
Mortgage Insurance
Maximum Loan
3.5%
30 years, fixed
640 minimum
Yes
Varies by area
FHA/VA One-Time Construction to Perm
Down
Payment
Terms
Credit Score
Mortgage Insurance
Maximum Loan
0%to3.5%
30 years, fixed
620 minimum
Yes
Varies by area