Below, you’ll find a breakdown of the most popular loan types, including Conventional, FHA, VA, and USDA loans. Each loan type offers distinct benefits and requirements, so you can choose the one that fits your financial goals.
The most common loan type. Borrowers with strong credit and stable income, including first-time and repeat homebuyers.
620
Flexible terms (10, 15, 20, or 30 years); loan limits up to $750,000 (higher in high-cost areas).
As low as 3%
Borrowers with lower credit scores and limited down payment savings.
580 (with 3.5% down); 500-579 (with 10% down).
15- or 30-year terms; requires upfront and annual mortgage insurance premiums (MIP) higher than Conventional.
As low as 3.5%
Active-duty military, veterans, and eligible surviving spouses.
Typically 580-620
No loan limits; no private mortgage insurance (PMI) required.
0% down (100% financing available).
Buyers in rural or suburban areas with moderate or low income.
Typically 640
Only available for eligible rural properties; no private mortgage insurance (PMI), but there’s an upfront guarantee fee and annual fee.
0% down (100% financing available).
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