| Loan Type | Down Payment | Terms | Mortgage Insurance |
|---|---|---|---|
| Fixed Rate Mortgage Learn more |
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 | Yes |
| VA Loans Learn more |
None | 15, 20, 25 or 30 years, fixed and adjustable | No |
| Jumbo Loans Learn more |
20% | 15 or 30 years, fixed and adjustable | No |
| Rural Housing (USDA) Loans Learn more |
None | 30 years, fixed | No (Up-Front Guarantee Fee financed into loan) |
| FHA 203(k) Loan Learn more |
3.5% | 30 years, fixed | Yes |
| Adjustable Rate Mortgage (ARM) Learn more |
Varies | 3/1, 5/1, 7/1 or 10/1 | Varies |