There are 31 common types of mortgage loans, and they sort into three families: conventional loans, government-backed FHA, VA and USDA loans, and specialty loans for equity, building and investing. The table below compares every one on credit score, down payment, insurance and today's rate, using the same figures as each guide.
Most home loans fit three families. Conventional loans follow Fannie Mae and Freddie Mac rules, government-backed loans are insured or guaranteed by FHA, VA or USDA, and specialty loans cover equity, building, investing and nonstandard income. Every loan also has a rate structure: fixed or adjustable.
A conventional loan needs a 620 score at most lenders and as little as 3% down, with PMI that ends at 78% loan-to-value. Above the $832,750 conforming limit, a jumbo loan typically asks 10–20% down and a 700 score.
FHA loans accept a 580 score with 3.5% down and charge mortgage insurance. VA loans and USDA loans allow zero down: VA for eligible service members and veterans, USDA for eligible rural areas with household income up to 115% of the area median.
A fixed-rate mortgage keeps the same principal-and-interest payment for the whole term, usually 15 or 30 years. An adjustable-rate mortgage is fixed for an initial period, then resets with an index, today the 30-day average SOFR, within caps such as 2/1/5.
Owners can borrow without selling. A HELOC or home equity loan sits behind your first mortgage, usually up to 80–85% combined loan-to-value, while a cash-out refinance replaces it. A reverse mortgage serves owners 62 and older.
Construction, land and manufactured home loans finance property a standard mortgage won't. Investors use investment property, DSCR or hard money loans, and self-employed borrowers can qualify on deposits with a bank statement loan.
Answer any of these and the table below narrows to the loan types that fit. It points you to programs worth comparing — it is not an approval.
Pick an answer above to see where to start.
Minimums are program rules unless marked; individual lenders can set stricter ones. Rates are national averages where an official series exists, and every figure matches the loan's own guide.
How these rates are sourced — and why an average isn't your offer| Loan type | Min. credit score | Min. down payment | Insurance & key costs | Avg. rate today | Best for |
|---|---|---|---|---|---|
| Buying a home | |||||
| Fixed-Rate Mortgages Rate type | Set by the program | Set by the program | The program's insurance or fees | Average7.18%30-year fixed · Freddie Mac, Nov 5 | Staying put; a level payment |
| FHA Loans Loan program | 580 (500 with 10% down) | 3.5% | MIP: 1.75% upfront + 0.55% a year | Average6.89%FHA 30-year · OBMMI, Nov 5 | Lower scores, small down payment |
| Conventional Loans Loan program | 620 | 3% | PMI 0.46%–1.5% a year below 20% down | Average7.18%30-year fixed · Freddie Mac, Nov 5 | Scores 620+; PMI that can end |
| VA Loans Loan program | None set by VA; lenders often 620 | 0% | Funding fee 1.25%–3.30%; no monthly MI | Average6.71%VA 30-year · OBMMI, Nov 5 | Eligible service members and veterans |
| USDA Loans Loan program | 640 for automated approval | 0% | 1% upfront + 0.35% a year | Average6.86%USDA 30-year · OBMMI, Nov 5 | Eligible rural areas, within income limits |
| Jumbo Loans Loan program | 700 lender norm | 10–20% lender norm | Usually no PMI at 20% down | Average7.25%Jumbo 30-year · OBMMI, Nov 5 | Loans above $832,750 |
| Bad-Credit Mortgages Loan program | 500 (FHA) | 10% below 580 | FHA mortgage insurance | Benchmark6.89%FHA 30-year · OBMMI, Nov 5 | Scores below 620 |
| FHA 203(k) Renovation Loans Loan program | 580 (FHA rules) | 3.5% | FHA MIP; a repair contingency reserve | Benchmark6.89%FHA 30-year · OBMMI, Nov 5 | Fixer-uppers: price and repairs in one loan |
| Adjustable-Rate Mortgages Rate type | Set by the program | Set by the program | Rate can reset within caps such as 2/1/5 | Intro rate6.73%5/1 ARM intro · Zillow, Nov 6 | Selling or refinancing within the fixed period |
| Piggyback Loan (80/10/10) Specialty | Lender-set | 10% (80/10/10) | No PMI; a second loan at a higher rate | Benchmark7.18%30-year fixed · Freddie Mac, Nov 5 | Avoiding PMI or a jumbo loan |
| Physician & Doctor Loans Specialty | 700+ lender norm | 0–10% lender norm | No PMI; rate 0.125–0.25 percentage point higher lender norm | No published average | Doctors with a contract and thin savings |
| Bank Statement Loans Specialty | 620–680 lender norm | 10–20% lender norm | Non-QM rate premium | No published average | Self-employed borrowers with large write-offs |
| Assumable Mortgages Specialty | Servicer approval | The equity gap: price minus balance | Seller's MIP carries over; FHA fee up to $1,800 | No published average | Keeping a seller's low rate |
| Interest-Only Mortgages Rate type | 680–700 lender norm | 15–30% lender norm | Payment jumps when interest-only ends | No published average | Variable income, short holds |
| Tapping your equity | |||||
| Second Mortgages Use of equity | 620–680 lender norm | Keep 15–20% equity lender norm | Closing costs 2–5% lender norm | No published average | Cash without touching the first mortgage |
| HELOC Use of equity | 620–680 lender norm | Up to 80–85% CLTV lender norm | Variable rate; some lenders charge fees | Index + marginPrime 7.00% + marginFed H.15 · Oct 27 | Ongoing or uncertain costs |
| Home Equity Loan Use of equity | 620–680 lender norm | Up to 80–85% CLTV lender norm | Closing costs 2–5% lender norm | No published average | One lump sum at a fixed rate |
| Home Improvement Loans Use of equity | Varies by loan | Varies by loan | 203(k) Limited up to $75,000; Title I up to $25,000 | No published average | Paying for repairs and upgrades |
| Cash-Out Refinance Use of equity | 620 lender norm | Max 80% LTV (VA up to 100%) | Full closing costs; replaces your first mortgage | Benchmark7.18%30-year fixed · Freddie Mac, Nov 5 | Today's rate at or below yours |
| VA Cash-Out Refinance Use of equity | None set by VA; lenders often 620 | Max 100% LTV, funding fee included | Funding fee 2.15%–3.3%; no monthly MI | Benchmark6.71%VA 30-year · OBMMI, Nov 5 | Veterans borrowing past 80% of value |
| FHA Cash-Out Refinance Use of equity | 500 (HUD); lenders often more | Max 80% LTV | MIP: 1.75% upfront + 0.50% a year for 11 years | Benchmark6.89%FHA 30-year · OBMMI, Nov 5 | Lower scores or higher debts, a year owned |
| Reverse Mortgage Use of equity | Age 62+; financial assessment | Substantial equity | MIP: 2% upfront + 0.5% a year | No published average | No monthly payment at 62+ |
| Specialty & investment | |||||
| Bridge Loans Specialty | Lender-set | 20% equity in the old home lender norm | Fee 1–3%; term 6–12 months lender norm | No published average | Buying before you sell |
| Construction Loans Specialty | 680 lender norm | 20% lender norm | Interest-only on drawn funds while you build | No published average | Building a home |
| Manufactured & Mobile Home Loans Specialty | FHA 580; chattel lender-set | FHA 3.5% as real property | FHA MIP, or a chattel loan at a higher rate | No published average | Factory-built homes |
| Investment Property Loans Loan program | 620 | 15% (1 unit), 25% (2–4 units) | Rate premium; PMI below 20% down | No published average | Buy-and-hold rentals |
| Hard Money Loans Specialty | Property-based | 20–30% equity lender norm | Rate 8–15% + 1–5% points lender norm | No published average | Flips and fast closings |
| DSCR Investor Loans Specialty | 620–680 lender norm | 20–25% lender norm | Prepayment penalty, often 3–5 years lender norm | No published average | Rentals that qualify on the rent |
| Balloon Mortgages Rate type | Lender-set | Lender-set | Most of the balance due in 5–10 years | No published average | A firm plan to sell or refinance |
| Land Loans Specialty | Lender-set | 10–20% improved, 20–50% raw lender norm | Short terms, above home-loan rates | No published average | Buying a lot to build on or hold |
| Owner Financing Specialty | Set by the seller | Negotiated | No PMI; often a balloon | No published average | Buyers a bank won't approve yet |
lender norm = typical lender terms (market ranges), not program rules. “No published average” = no official average rate exists; lenders price these loans one by one. Rates: Freddie Mac PMMS (Nov 5, 2026), Optimal Blue OBMMI 30-year averages and the Fed H.15 prime rate — each row shows its own source and date. 2026 limits, one-unit home.
Same home price, down payment and 30-year term across conventional, FHA, VA and USDA — the monthly payment, the insurance and when it ends, and what you pay over five years and the life of the loan.
Only for eligible service members, veterans and some surviving spouses — choose your VA status to include it.
Read the VA guide →Rates: Optimal Blue OBMMI 30-year averages for each program (Nov 5), which assume strong credit — lower scores usually pay a higher rate, which this does not model. FHA includes the 1.75% upfront MIP financed; FHA MIP and the USDA fee are recalculated each year on the falling balance. PMI uses the original loan and ends automatically at 78% of the original value. VA funding fee from VA's 2026 chart, financed. Cash to close adds the common 2%–5%-of-price rule of thumb for closing costs, prepaids and escrow — see average closing costs by state or run the closing cost calculator. Monthly figures leave out taxes, homeowners insurance and HOA dues. See PMI by credit score and the FHA vs. conventional guide.
Start with the constraint that rules out the most options: your credit score, the cash you have for a down payment, or eligibility for VA or USDA. Then compare the two or three loans left on total cost, including insurance and fees, not just the rate.
| If this describes you | Compare | Why |
|---|---|---|
| Credit score below 620 | FHA, bad-credit options | FHA accepts a 580 score with 3.5% down (500–579 with 10%); most conventional loans need 620. |
| Less than 5% to put down, score 620+ | Conventional (3% down), FHA (3.5% down) | Conventional PMI can be cancelled later; FHA mortgage insurance usually lasts the life of the loan. Compare both. |
| Veteran, service member or eligible surviving spouse | VA | No down payment and no monthly mortgage insurance; a one-time funding fee instead. |
| Buying outside a big city, moderate income | USDA | No down payment in eligible areas if household income is within the limit ($122,800 for 1–4 people in most areas). |
| Loan above $832,750 | Jumbo, piggyback loan | Above the conforming limit is jumbo, unless your county is high-cost (up to $1,249,125) or a second loan keeps the first under the limit. |
| Self-employed with hard-to-document income | Bank statement loan | Qualifies on bank deposits instead of tax returns, usually at a higher rate. |
| Buying a home that needs work | FHA 203(k), home improvement loans | A 203(k) finances the purchase and the renovation in one loan. |
| Buying before you sell your current home | Bridge loan, HELOC | Turns equity in the old home into the next down payment; a HELOC must be opened before you list. |
| Need cash and your current rate is low | HELOC, home equity loan | Borrows against equity without replacing the low-rate first mortgage. |
| Need cash and your current rate is at or above today's | Cash-out refinance, VA cash-out, FHA cash-out | One new first mortgage can be simpler and cheaper than adding a second loan. VA lends up to 100% of value; FHA eases the credit rules. |
| Age 62+ and want to stop mortgage payments | Reverse mortgage (HECM) | No required monthly payment; the balance is repaid when you sell or move out. |
| Buying a rental property | Investment property loan, DSCR loan | Conventional rules ask 15% down on one unit; a DSCR loan qualifies on the property's rent instead of your income. |
The loans that get you into a home — sorted by credit, down payment and who backs them.
One rate and one principal-and-interest payment for the whole term.
Read the guideA government-insured mortgage built for smaller down payments and lower credit scores.
Read the guideA mortgage with no government backing, and PMI that eventually ends.
Read the guideZero down and no monthly mortgage insurance for eligible veterans and service members.
Read the guideA zero-down guaranteed mortgage for eligible areas, with a household income cap.
Read the guideAbove the conforming limit: lender-set rules and bigger cash demands.
Read the guideWhich loans each credit score opens, what falling below the FHA cutoff costs, and how long a bankruptcy or foreclosure keeps you waiting.
Read the guideOne FHA loan for the purchase and the repairs, released in inspected draws.
Read the guideFixed for an intro period, then resets to an index plus a margin.
Read the guideTwo loans closed together — a way to skip PMI or a jumbo loan without 20% down.
Read the guideA low-down, no-PMI mortgage for doctors that trades a higher rate for cash on hand.
Read the guideA non-QM mortgage that qualifies self-employed income from deposits instead of tax returns.
Read the guideTake over a seller's existing FHA, VA or USDA loan and keep its rate.
Read the guidePay only interest for years, then a higher payment on the full balance.
Read the guideBorrow against a home you already own without disturbing a low first-mortgage rate.
A lien behind your first mortgage — an alternative to refinancing the whole balance.
Read the guideA variable-rate credit line against your equity, drawn as needed.
Read the guideA fixed-rate lump sum against your equity, repaid in equal monthly payments.
Read the guideEvery way to pay for a renovation, compared by cost, equity and income.
Read the guideOne new, larger mortgage that pays off the old one and hands you the difference.
Read the guideRefinance any mortgage into a VA loan for up to 100% of the home's value and take the difference in cash.
Read the guideRefinance into a larger FHA loan, up to 80% of the home's value, with easier credit rules and mortgage insurance.
Read the guideA loan that turns home equity into cash for older owners, with no required monthly payment.
Read the guideConstruction, land, manufactured homes and rental-property financing on their own terms.
Short-term financing against your current home so you can buy before you sell.
Read the guideShort-term financing that pays for building a home, released in draws as work is inspected.
Read the guideHow the home is titled, as real property or personal property, decides which loan you can get.
Read the guideA mortgage for a home you will rent out: more down, cash reserves, and only part of the rent counted.
Read the guideShort-term, asset-based loans from private lenders to buy and renovate investment property.
Read the guideApproves a rental on its own rent, not your personal income.
Read the guidePayments sized for 30 years, with the remaining balance due in 5 to 10.
Read the guideFinancing vacant land takes more cash down and a shorter term than a home mortgage.
Read the guideThe seller acts as the lender, and you pay them directly on a negotiated note.
Read the guideConventional, government-backed and jumbo loans. Conventional loans follow Fannie Mae and Freddie Mac rules, and most lenders start them at a 620 score; government-backed FHA, VA and USDA loans ease credit or down-payment rules; jumbo loans cover amounts above the $832,750 conforming limit. Each can be fixed-rate or adjustable.
Purchase loans (conventional, FHA, VA, USDA, jumbo, fixed and adjustable), equity loans (HELOC, home equity loan, cash-out refinance, reverse mortgage) and specialty loans (construction, land, manufactured homes, investor, bank statement and owner financing). This page compares 31 of them on score, down payment, insurance and rate.
A common six-way list is conventional, jumbo, FHA, VA, USDA and adjustable-rate loans. The first five differ by who sets the rules and how much you can borrow; the sixth is a rate structure.
Fixed-rate is the default alternative, and most of the other types come in either form.
The one with the lowest total cost you qualify for. Eligible veterans usually start with VA and rural buyers with USDA, both at zero down.
With a 620+ score, compare conventional and FHA side by side; below it, FHA at 580 is usually the main route.
USDA if you qualify: zero down and a 0.35% annual fee, but only in eligible areas within income limits.
Otherwise FHA suits scores below 620 or a heavier debt load, while conventional suits stronger credit, because its PMI ends at 78% loan-to-value and FHA premiums usually last.
VA and USDA loans allow zero down for eligible buyers: VA for service members, veterans and some surviving spouses, USDA for eligible rural areas with income limits. Some physician programs also lend with 0–10% down. FHA needs 3.5%, and conventional loans start at 3%.
Usually FHA, conventional with 3% down, VA or USDA, depending on credit and eligibility. FHA fits scores from 580, conventional fits 620+ with PMI that can end, and VA or USDA remove the down payment for those who qualify. State housing agencies often add down-payment help.
Conventional investment loans need 15% down on one unit and 25% on two to four. DSCR loans qualify on the property's rent, commonly with 20–25% down, and hard money funds short flips. Living in one unit of a two-to-four-unit building opens FHA at 3.5% down.
An FHA 203(k) loan finances the purchase and repairs together with 3.5% down, and its Limited version covers up to $75,000 of work.
Conventional renovation loans, home improvement loans and, for current owners, HELOCs and home equity loans are the other routes, each with its own limits and costs.
There is no official count, because lenders combine programs, terms and rate structures. This page groups 31 common types into purchase, equity and specialty loans.
Most borrowers choose among five: conventional, FHA, VA, USDA and jumbo, each available as a fixed-rate or adjustable loan.
Not sure which fits? Start with today's rates, run your numbers in the payment calculator, or see whether you qualify for first-time-buyer help.