| Loan Type | Down Payment | Terms | Mortgage Insurance |
|---|---|---|---|
| Fixed Rate Mortgage Learn more |
3% – 5% | 15 or 30 years, fixed | No (if under 80% loan-to-value) |
| FHA Loan Learn more |
3.5% | 10, 15, 20, 25 or 30 years, fixed and adjustable | Upfront Mortgage Insurance 1.75% and Annual .85% |
| VA Loans Learn more |
None | 15, 20, 25 or 30 years, fixed and adjustable | No – Upfront Funding Fee |
| Jumbo Loans Learn more |
As little as 5% – most 20% | 15 or 30 years, fixed and adjustable | No |
| Rural Housing (USDA) Loans Learn more |
None | 30 years, fixed | Upfront Guarantee fee 1% and Annual Fee .35% |
| FHA 203(k) Loan Learn more |
3.5% | 30 years, fixed | Yes same as FHA |
| Adjustable Rate Mortgage (ARM) Learn more |
Varies | 3/1, 5/1, 7/1 or 10/1 | Varies |