Loan Type |
Down Payment |
Terms |
Mortgage Insurance |
|---|---|---|---|
|
Fixed Rate Mortgages |
5% |
15 or 30 years, fixed |
No (if under 80% loan-to-value) |
|
FHA Home Loans |
3.5% |
10, 15, 20, 25 or 30 years, fixed and adjustable |
Yes |
|
VA Home Loans |
None |
15, 20, 25 or 30 years, fixed and adjustable |
No |
|
Jumbo Home Loans |
20% |
15 or 30 years, fixed and adjustable |
No |
|
USDA Home Mortgages |
None |
30 years, fixed |
No (Up-Front Guarantee Fee financed into loan) |
|
Renovation Mortgage 203(k) |
3.5% |
30 years, fixed |
Yes |
|
Adjustable Rate Mortgage (ARM) |
Varies |
3/1, 5/1, 7/1 or 10/1 |
Varies |
