Loan types

Which loan actually fits your situation?

Each loan type trades off down payment, mortgage insurance, and eligibility differently. Pick one and jump straight to the calculator with it pre-selected.

Conventional

Not backed by a government agency. The most common loan for buyers with solid credit and some savings.

Typical terms

As little as 3% down, but PMI applies below 20%
PMI cancels automatically once you reach 20% equity
Best rates go to higher credit scores

Good for

Buyers who can put down 5% or more
Anyone who wants PMI to eventually disappear

FHA

Government-insured, with looser credit requirements. Popular with first-time buyers.

Typical terms

Down payments as low as 3.5%
Mortgage insurance premium (MIP) usually lasts the life of the loan
More forgiving of lower credit scores

Good for

First-time buyers with limited savings
Buyers rebuilding their credit

VA

For eligible veterans, service members, and some spouses. No down payment and no monthly mortgage insurance.

Typical terms

0% down payment available
One-time funding fee, usually financed into the loan
No monthly PMI or MIP, ever

Good for

Eligible military borrowers who want to skip a down payment

USDA

Backed by the USDA for eligible rural and suburban properties. No down payment required.

Typical terms

0% down payment available
Upfront guarantee fee, financed into the loan
Small annual fee charged monthly, similar to PMI

Good for

Buyers in eligible rural or suburban areas with moderate income

Not sure yet?

Start with Conventional on the calculator and compare — switching loan types takes one click.

Go to the calculator