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%
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%