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

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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