Home Mortgage Loan Comparison

LOAN TYPE DOWN PAYMENT TERMS CREDIT SCORE MORTGAGE INSURANCE MAXIMUM LOAN
Fixed Rate Mortgage 5% 10, 15, 20, 25 or 30 years, fixed Per DU/LP No (if under 80% loan-to-value) Varies by area
FHA Loan 3.5% 15, 20, 25 or 30 years, fixed and adjustable 580 minimum Yes Varies by area
VA Loans None 15, 20, 25 or 30 years, fixed and adjustable 580 minimum No Varies by area
Jumbo Loans 20% 15 or 30 years, fixed and adjustable 660 minimum No $3 million
Rural Housing (USDA) Loans None 30 years, fixed 580 minimum No (Up-Front Guarantee Fee financed into loan) Varies by area
FHA 203(k) Loan 3.5% 30 years, fixed 580 minimum Yes Varies by area
Adjustable Rate Mortgage (ARM) Varies 5/6, 7/6 or 10/6 Per DU/LP Varies Varies by area
FHA One Time Close Construction 3.5% 30 Years, fixed 580 minimum Yes Varies by area