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 |