Which Home Loan is Right for Your Home?

Here are the most popular mortgage loan options in the United States. See basic qualification information and down payments for these home loan options to see which is best suited for you and your next home.

Conventional

This is the most common mortgage option and usually has the best interest rates.

Down Payment: 10% minimum, 20% standard

Best For: repeat buyers

FHA

Makes ownership more affordable with less down and easier credit requirements.

Down Payment: 3.5% minimum, 20% standard

Best For: first-time buyers

VA

Takes away the need for a down payment without the risk of PMI. Only available to veterans.

Down Payment: no down payment

Best For: military veterans

USDA

This mortgage option was developed to promote the purchase of rural land.

Down Payment: no down payment

Best For: investors; anyone interested in living in a rural atmosphere

ARM

These rates start out lower than any other option, but fluctuate with the market (and usually not for the better).

Down Payment: 10% minimum, 20% standard

Best For: anyone interested

Source: Fearless Home Buyer

Which Home Loan is Right for Your Home?

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