Loan Types

Conventional

This is the most common mortgage option and usually has the best interest rates.

Down Payment: 10% minimum, 20% standard

Best For: repeat buyers

FHA

Makes ownership more affordable with less down and easier credit requirements.

Down Payment: 3.5% minimum, 20% standard

Best For: first-time buyers

VA

Takes away the need for a down payment without the risk of PMI. Only available to veterans.

Down Payment: no down payment

Best For: military veterans

USDA

This mortgage option was developed to promote the purchase of rural land.

Down Payment: no down payment

Best For: investors; anyone interested in living in a rural atmosphere

ARM

These rates start out lower than any other option, but fluctuate with the market (and usually not for the better).

Down Payment: 10% minimum, 20% standard

 

Best For: anyone interested