There are several different types of mortgage loans for which one can apply. Four of the loan types are far more common than others: FHA, VA, Conventional, and USDA. There's also a Jumbo loan if you're financing more than $424,100.
While all mortgage lenders may be different, the different kinds of mortgages they offer are virtually all the same. You’ll find more about this in my Home Buyers Handbook.
- Down payment of 3.5%
- 580 credit score required (varies by lender)
- Mortgage Insurance required
- Loan limit changes per year and varies by county
VA: (Active service members, veterans, eligible surviving spouses, and some reservists)
- No down payment required
- 600 credit score required (varies by