Home Mortgage Loan Comparison

LOAN TYPE DOWN PAYMENT TERMS CREDIT SCORE MORTGAGE INSURANCE MAXIMUM LOAN
Fixed Rate Mortgage 5% 15 or 30 years, fixed 620 minimum No (if under 80% loan-to-value) Varies by area
FHA Loan 3.5% 10, 15, 20, 25 or 30 years, fixed and adjustable 640 minimum (unless approved by FHA Choice) Yes Varies by area
VA Loans None 15, 20, 25 or 30 years, fixed and adjustable 620 minimum No Varies by area
Jumbo Loans 20% 15 or 30 years, fixed and adjustable 700 minimum No $2.5 million
Rural Housing (USDA) Loans None 30 years, fixed 640 minimum No (Up-Front Guarantee Fee financed into loan) Varies by area
FHA Choice Loan 3.5% 30 years, fixed 500 minimum Yes Varies by area
FHA 203(k) Loan 3.5% 30 years, fixed 640 minimum Yes Varies by area
Adjustable Rate Mortgage (ARM) Varies 3/1, 5/1, 7/1 or 10/1 Varies Varies Varies by area
HARP Loan None Multiple years, fixed and adjustable 620 minimum Yes $417,000
FHA one Time Close Construction 3.5% 15, 30 Years, Fixed. 620 minimum Yes Varies by area
VA one Time Close Construction None 15, 30 Years, Fixed. 620 minimum No Varies by area