Compare Mortgage Types
Find the perfect mortgage for your needs. Compare loan types, requirements, and benefits to make an informed decision about your home financing.
VA Loans
For veterans and service members
FHA Loans
For first-time and repeat buyers
Conventional
Traditional mortgage option
Jumbo Loans
For high-value properties
Loan Type Comparison
| Feature | VA Loans | FHA Loans | Conventional | Jumbo |
|---|---|---|---|---|
| Down Payment | 0% down payment | 3.5% with 580+ credit | 3-20% typical | 10-20% typical |
| Credit Score | No VA minimum, typically 620+ | 500 minimum, 580+ preferred | 620+ typical | 680+ typical |
| Mortgage Insurance | None required | Required (MIP) | Required if under 20% down | Varies by lender |
| Loan Limits | VA limits vary by county | $498,257 - $1,149,825 | Up to $726,200 | Above conforming limits |
| Special Fees | VA funding fee | Upfront MIP + Annual MIP | Standard closing costs | Higher closing costs |
VA Loans
VA loans are government-backed mortgages for veterans, active duty service members, and eligible spouses. They offer significant benefits including no down payment and no PMI requirements.
Key Benefits
- No down payment required
- No monthly mortgage insurance
- Competitive interest rates
Requirements
- Valid Certificate of Eligibility (COE)
- Primary residence only
- Meet lender credit requirements
FHA Loans
FHA loans are government-insured mortgages designed to help buyers with lower credit scores or limited savings achieve homeownership through more flexible requirements.
Key Benefits
- Low 3.5% down payment option
- Lower credit score requirements
- Competitive interest rates
Requirements
- Minimum 500 credit score
- Primary residence only
- Property must meet FHA standards
Conventional Loans
Conventional loans are traditional mortgages not backed by government agencies. They often offer competitive terms for buyers with strong credit and financial profiles.
Key Benefits
- Flexible down payment options
- No upfront mortgage insurance fee
- Can be used for any property type
Requirements
- Typically 620+ credit score
- 3-20% down payment
- Strong debt-to-income ratio
Jumbo Loans
Jumbo loans are designed for high-value properties that exceed conforming loan limits. These loans typically require excellent credit and significant assets due to their larger size.
Key Benefits
- Higher loan amounts for luxury properties
- Competitive rates for qualified buyers
- No mortgage insurance requirement
Requirements
- Excellent credit (usually 680+)
- Larger down payment (10-20%)
- Significant assets and reserves
Learn More About Your Options
Use our educational resources and calculators to understand different mortgage options.