Which home loan is right for you?

The most common home loan used by a wide range of buyers:

• Down payments as low as 3%

• Private mortgage insurance (PMI) required with less than 20% down

• Available for different property types

Ideal for: Homebuyers with solid credit and income looking for flexible financing

A government-backed loan designed to make homeownership more accessible:

• Down payment as low as 3.5%; gift funds allowed

• More flexible credit requirements

• Relatively competitive interest rates

Ideal for: First-time homebuyers or buyers with limited savings or less-than-perfect credit

A government benefit earned by veterans and active-duty service members:

• No down payment required in most cases

• No private mortgage insurance (PMI)

• Competitive interest rates

Ideal for: Eligible veterans, active-duty service members, and surviving spouses

A government-backed loan created for rural and some suburban homebuyers:

• No down payment required

• Lower interest rates and mortgage insurance

• More flexible credit requirements

Ideal for: Homebuyers with low/moderate income purchasing in USDA-approved areas; income limits apply

A loan designed for higher-priced properties that exceed conventional loan limits:

• Higher loan amounts

• Large down payment and strong credit score requirements

• More opportunity to negotiate fees and interest

Ideal for: Homebuyers shopping for luxury homes or living in high-priced markets

Your interest rate stays the same for the life of the loan:

• Predictable mortgage payments

• Same rate for the entire loan term

• Protection from future interest rate changes

Ideal for: Homebuyers who plan to stay in their home long-term

Your interest rate typically starts lower, then adjusts over time based on a set schedule:

• Lower initial payments in the early years

• Could offer a lower interest rate than a fixed-rate mortgage

• Rate caps limit how much adjustments can increase

Ideal for: Homebuyers who plan to move or refinance within a few years