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Conventional Loan

This is the most common type of loan in the mortgage industry. They’re funded by private lenders and sold to government sponsored corporations like Fannie Mae or Freddie Mac.

  • Conventional loans have stricter requirements than FHA loans, which means you’ll need a higher credit score and lower debt-to-income ratio to qualify

  • Down payment on these loans can be as low as 3%

  • If you put down 20% you can avoid paying private mortgage insurance

 
 
 
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FHA Loan

These are home loans backed by the Federal Housing Administration. They’re available for people with a credit score of 580 or higher, and with a down payment as low as 3.5%.

  • Credit score requirements are lower compared to other loans

  • You can still qualify if you had a bankruptcy

  • Low down payment requirements

  • You’ll have to pay an upfront mortgage insurance premium

 
 
 
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High-balance Loan

Some homes are more expensive than others, and some of these homes exceed today’s loan limits. A high-balance mortgage is basically a conventional loan where the loan amount exceeds conforming loan limits.

  • Offered in fixed or adjustable rates

  • Down payment on these loans can be as low as 5%

  • To qualify for this loan, you’ll need a credit score of at least 620

  • Lower interest rate and APR in comparison to jumbo loans

 
 
 
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Jumbo Mortgage

When purchasing a high-valued or luxury home, it’s easy to exceed conforming loan limits. A jumbo mortgage is one way to exceed these limits.

  • Interest rates for jumbo loans are typically less than conventional loans

  • Down payment on Jumbo Mortgages can be as low as 10%

  • Available for primary and secondary homes

  • To qualify you need a minimum credit score of 680

 
 
 
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VA Loan

If you’re a service member, a vet, or married to someone who is protecting this great nation you might be eligible for a home loan guaranteed by Veteran Affairs.

  • No down payment needed

  • You’ll need a minimum credit score of 620 in order to qualify

  • Choose between fixed or adjustable interest rates

  • You won’t need to pay private mortgage insurance