{"id":40027,"date":"2020-03-13T09:46:13","date_gmt":"2020-03-13T17:46:13","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=40027"},"modified":"2023-02-18T08:39:43","modified_gmt":"2023-02-18T16:39:43","slug":"types-of-mortgage-loans","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/types-of-mortgage-loans\/","title":{"rendered":"5 Types of Mortgage Loans: Which One Is for You?"},"content":{"rendered":"\r\n<p>When you\u2019re in the process of buying a home, there are many different types of <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/what-is-a-mortgage-loan\/\">mortgage loans<\/a> to choose from, which can feel overwhelming. But if you do your due diligence, specifically around nailing down your monthly budget, down payment amount, and <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-credit-score-impacts-mortgage-rate\/\">credit score<\/a>, you\u2019ll have a better idea of which type of loan will work best for you.<\/p>\r\n<p><b>To help you decide which is right for you, here are the most common types of mortgages:<\/b><\/p>\r\n<ul>\r\n<li><a href=\"#conventional-mortgage-loans\">Conventional mortgage loans<\/a><\/li>\r\n<li><a href=\"#jumbo-mortgage-loans\">Jumbo mortgage loans<\/a><\/li>\r\n<li><a href=\"#unconventional-mortgage-loans\">Unconventional mortgage loans<\/a><\/li>\r\n<li><a href=\"#fixed-vs-adjustable-rate-mortgages\">Fixed vs. adjustable-rate mortgages<\/a><\/li>\r\n<li><a href=\"#which-mortgage-loan-is-best-for-me\">Which mortgage loan is best for me?<\/a><\/li>\r\n<\/ul>\r\n<p><a name=\"conventional-mortgage-loans\"><\/a><\/p>\r\n<h2>Conventional mortgage loans<\/h2>\r\n<p>These loans are a good match for borrowers who have a strong credit history, stable employment history, minimal debt, and enough funds to put down at least 3%. Unlike government-backed loans, they can be used to finance nearly any type of property, including primary residences, vacation homes, or investment properties.<\/p>\r\n<p>Usually, when people talk about <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conventional-mortgage\/\">conventional loans<\/a>, they\u2019re referring to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conforming-loans\/\">conforming loans<\/a>, or loans that meet the limits set forth by Fannie Mae and Freddie Mac, the two agencies that buy most of the mortgages in the U.S. As of 2022, in order to be considered a conforming loan, the loan must be less than $647,200 or, if you\u2019re in a high-cost area it will be less than $970,800.<\/p>\r\n<p><b>Requirements:<\/b><\/p>\r\n<ul>\r\n<li>Credit score of at least 620<\/li>\r\n<li>Down payment of at least 3%<\/li>\r\n<li>Debt-to-income ratio (DTI) that\u2019s less than 45%<\/li>\r\n<li>Likely have to pay private <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-insurance\/\">mortgage insurance<\/a> (PMI) if you put down less than 20% (but it may be able to be canceled once you own a 20% stake in the home)<\/li>\r\n<li>Verification of your income, assets, liabilities, and down payment<\/li>\r\n<\/ul>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>If you took out a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/300000-mortgage\/\">$300,000 loan<\/a> with an interest rate of 3.62% and a 30-year loan term, you could expect to pay $492,232 in total over the life of the loan.<\/div><\/div>\r\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conventional-loan-requirements\/\">Here&#8217;s What You Need to Get a Conventional Loan<\/a><\/strong><\/em><\/p>\r\n<p><a name=\"jumbo-mortgage-loans\"><\/a><\/p>\r\n<h2>Jumbo mortgage loans<\/h2>\r\n<p>Jumbo loans are larger than the conforming loan limits set by Fannie Mae and Freddie Mac. In 2022, this means any loan that\u2019s larger than $647,200 is considered a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/jumbo-loans\/\">jumbo loan<\/a>.<\/p>\r\n<p>These loans are best for higher-end borrowers who are looking into buying more expensive homes. Jumbo loan borrowers must have excellent credit scores, minimal debt, and a sufficient amount of savings.<\/p>\r\n<p><b>Requirements:<\/b><\/p>\r\n<ul>\r\n<li>Credit score of at least 660 (though, in many cases a score of <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/700-credit-score-mortgage\/\">at least 700<\/a> will be required)<\/li>\r\n<li>Debt-to-income ratio of less than 45%<\/li>\r\n<li>Down payment of at least 10% to 20%<\/li>\r\n<\/ul>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>Typically, <a href=\"https:\/\/www.credible.com\/mortgage\/rates\/jumbo-loan\">jumbo loan interest rates<\/a> are fairly competitive. With that in mind, if you were to take out a $600,000 loan at an interest rate of 3.68% and a 30-year loan term, you could expect to pay $991,769 in total.<\/div><\/div>\r\n<p><em><strong>Find Out: <\/strong><\/em><\/p>\r\n<ul>\r\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-choose-a-mortgage\/\">How to Choose a Mortgage: Tips for Getting the Best Loan<\/a><\/strong><\/em><\/li>\r\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/should-i-buy-a-bigger-house\/\">Should You Buy a Bigger House? How to Make the Right Choice<\/a><\/strong><\/em><\/li>\r\n<\/ul>\r\n<p><a name=\"unconventional-mortgage-loans\"><\/a><\/p>\r\n<h2>Unconventional mortgage loans<\/h2>\r\n<p>Unlike conventional loans, unconventional loans are insured by the federal government. Mortgage insurance protects the lender from taking a loss if you default and, in exchange for that reassurance, lenders are able to offer more flexible qualifying standards for these loans.<\/p>\r\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/types-of-mortgage-lenders\/\">The Types of Mortgage Lenders and How to Choose Between Them<\/a><\/strong><\/em><\/p>\r\n<h3>FHA loans<\/h3>\r\n<p><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-loans\/\">FHA loans<\/a> are backed by the Federal Housing Administration (FHA). They\u2019re meant for borrowers with smaller down payments and lower credit scores, who are unable to be approved for a conventional loan. Many <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer\/\">first-time homebuyers<\/a> use this type of loan.<\/p>\r\n<p><b>Requirements:<\/b><\/p>\r\n<ul>\r\n<li>Credit score of at least 580 (3.5% down payment)<\/li>\r\n<li>Credit score of at least 500 (10% down payment)<\/li>\r\n<li>Debt-to-income ratio of less than 43%<\/li>\r\n<li>The home must be your primary residence and, in most cases, can\u2019t be a condo<\/li>\r\n<li>Must pay PMI upfront and annually (if you\u2019re putting less than 10% down)<\/li>\r\n<\/ul>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>The average FHA interest rate is 3.43%. If you took out the same $300,000 loan at that interest rate with a 30-year loan term, you could expect to pay $480,758 in total.<\/div><\/div>\r\n<p><em><strong>Find Out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-vs-conventional\/\">FHA vs. Conventional Loans: Which One\u2019s Right for You?<\/a><\/strong><\/em><\/p>\r\n<h3>VA loans<\/h3>\r\n<p><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/va-loan-requirements\/\">VA loans<\/a> are backed by the Veteran\u2019s Administration and are meant for active-duty military members, reservists, and veterans.<\/p>\r\n<p><b>Requirements:<\/b><\/p>\r\n<ul>\r\n<li>Credit score around 620 (varies per lender)<\/li>\r\n<li>Can be used for primary residences only<\/li>\r\n<li>No minimum credit score requirement (lenders can make that determination case-by-case)<\/li>\r\n<li>No PMI requirement<\/li>\r\n<li>No down payment required<\/li>\r\n<li>A funding fee is charged, but that can be rolled into your loan, along with your closing costs<\/li>\r\n<\/ul>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>At an average interest rate of 3.30%, if you took out the same $300,000 mortgage with the same 30-year loan term, you could expect to pay $472,992 in total over the life of the loan.<\/div><\/div>\r\n<p><em><strong>Keep Reading: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/va-loan-vs-conventional-loan\/\">VA Loan vs. Conventional Loan: How to Choose<\/a><\/strong><\/em><\/p>\r\n<h3>USDA loans<\/h3>\r\n<p>USDA loans are backed by the United States Department of Agriculture. They\u2019re meant to help low-to-moderate income borrowers become homeowners while also encouraging the development of rural areas.<\/p>\r\n<p><b>Requirements:<\/b><\/p>\r\n<ul>\r\n<li>Credit scores as low as 620 are accepted (most lenders require <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/640-credit-score-mortgage\/\">640+<\/a>)<\/li>\r\n<li>Must meet certain income limits to be deemed eligible<\/li>\r\n<li>Must purchase a home in a USDA-eligible area<\/li>\r\n<li>No down payment required<\/li>\r\n<li>PMI required<\/li>\r\n<\/ul>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>The average USDA loan has an interest rate of 3.5%, which makes that $300,000 loan with a 30-year loan term cost $484,968 in total.<\/div><\/div>\r\n<p><a name=\"fixed-vs-adjustable-rate-mortgages\"><\/a><\/p>\r\n<h2>Fixed vs. adjustable-rate mortgages<\/h2>\r\n<h3>Fixed-rate mortgage loans<\/h3>\r\n<p>With a fixed-rate mortgage, the interest rate stays the same over the life of the loan, which allows borrowers the comfort of knowing what they can expect for their monthly expenses once they <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\">buy a home<\/a>. There are three types of fixed-rate loans.<\/p>\r\n<p><em><strong>Keep Reading: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-terms\/\">30 Mortgage Terms to Know: Ultimate Glossary for Homebuyers<\/a><\/strong><\/em><\/p>\r\n<h3>10-year<\/h3>\r\n<p>Those with a steady income, who don\u2019t have other significant debts are the best candidates for a 10-year, fixed rate loan. Since the loan amount is shorter, the monthly payment is often higher, but to compensate, these loans are offered at competitive mortgage interest rates.<\/p>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>For example, at an average interest of 2.87%, the total payment amount for that $300,000 loan with a 10-year loan term would be $345,463.<\/div><\/div>\r\n<p><b><i>Find Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\"><b><i>How to Get the Best Mortgage Rates<\/i><\/b><\/a><b><i> <\/i><\/b><\/p>\r\n<h3>15-year<\/h3>\r\n<p>People who anticipate an increase in income and a decrease in debt in the future are decent candidates for a 15-year mortgage. Again, since the loan term is shorter, the monthly payment will be higher than it would be with a 30-year option.<\/p>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>At an average interest rate of 3.07%, that $300,000 loan with a 30-year term would result in a total payment of $459,420.<\/div><\/div>\r\n<h3>30-year<\/h3>\r\n<p>Most mortgage loans have a 30-year loan term. If buying a home is a stretch or you otherwise want to keep your monthly payment as low as possible, you should seriously consider this loan term.<\/p>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>As stated above, if you took out a $300,000 loan with an interest rate of 3.62% and a 30-year loan term, you could expect to pay $492,232 in total over the life of the loan.<\/div><\/div>\r\n<p><em><strong>Find Out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/15-vs-30-year-mortgage\/\">15- vs. 30-Year Mortgage: Which One&#8217;s Right for You?<\/a><\/strong><\/em><\/p>\r\n<h3>Adjustable-rate mortgage loans<\/h3>\r\n<p>Unlike fixed-rate options, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/adjustable-rate-mortgage\/\">adjustable-rate mortgages<\/a> have variable interest rates. Typically, these loans come with a lower, introductory-rate period upfront. However, once that introductory-rate period is over, the rates adjust according to the current market rate.<\/p>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Lifetime payment amount: <\/b>The average interest rate for a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/5-1-arm\/\">5\/1 ARM<\/a> mortgage, or a mortgage that has a five-year introductory-rate period before adjusting annually, is 3.45%. At that rate, the $300,000 loan with the 30-year loan term would result in a total payment of $481,959.<\/div><\/div>\r\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/arm-vs-fixed\/\">ARM vs. Fixed Mortgage: How to Choose Between Them<\/a><\/strong><\/em><\/p>\r\n<p><a name=\"which-mortgage-loan-is-best-for-me\"><\/a><\/p>\r\n<h2>Which mortgage loan is best for me?<\/h2>\r\n\n<table id=\"tablepress-254\" class=\"tablepress tablepress-id-254 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Loan type<\/strong><\/th><th class=\"column-2\"><strong>Loan term <br \/>\n(years)<\/strong><\/th><th class=\"column-3\"><strong>Average rate<\/strong><\/th><th class=\"column-4\"><strong>Down payment required<\/strong><\/th><th class=\"column-5\"><strong>Insured by<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Conventional<\/td><td class=\"column-2\">10, 15, 20, 30<\/td><td class=\"column-3\">3.62%<\/td><td class=\"column-4\">3%<\/td><td class=\"column-5\">Private<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Jumbo<\/td><td class=\"column-2\">15, 30<\/td><td class=\"column-3\">3.68%<\/td><td class=\"column-4\">10% - 20%<\/td><td class=\"column-5\">Private<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">FHA<\/td><td class=\"column-2\">15, 30<\/td><td class=\"column-3\">3.43%<\/td><td class=\"column-4\">3.5% - 10%<\/td><td class=\"column-5\">Government<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">VA<\/td><td class=\"column-2\">15, 30<\/td><td class=\"column-3\">3.30%<\/td><td class=\"column-4\">No down payment requirement<\/td><td class=\"column-5\">Government<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">USDA<\/td><td class=\"column-2\">15, 30<\/td><td class=\"column-3\">3.50%<\/td><td class=\"column-4\">No down payment requirement<\/td><td class=\"column-5\">Government<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\r\n<p>There are many types of mortgages to choose from \u2014 but now, you should have a better idea of which type of loan might be the best fit for you.<\/p>\r\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you\u2019re in the process of buying a home, there are many different types of mortgage loans to choose from, which can feel overwhelming. But if you do your due diligence, specifically around nailing down&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/types-of-mortgage-loans\/\">Continue reading<\/a><\/p>\n","protected":false},"author":102,"featured_media":40045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1555,1463],"tags":[1524,1528,1533],"class_list":{"0":"post-40027","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-preparing-to-buy-home","8":"category-mortgages","9":"tag-mortgage-purchase","10":"tag-mortgage-rates-sidebar-no-table","11":"tag-mortgage-types","12":"types-of-mortgage-loans","15":"post_tag-mortgage-purchase","16":"post_tag-mortgage-rates-sidebar-no-table","17":"post_tag-mortgage-types"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Types of Mortgage Loans: Which One Is for You? - Credible<\/title>\n<meta name=\"description\" content=\"When buying a home, there are more than a few types of mortgage loans to choose from. 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