Find the home loan that fits your life

Conventional loans follow Fannie Mae and Freddie Mac guidelines and aren’t backed by a government agency. Strong credit is rewarded with better pricing, and the mortgage insurance on a low-down-payment loan can be removed once you build enough equity.

Typical down / equity

3%–5%

Typical credit score

620+

Best for

Borrowers with good credit and steady income

Insured by the Federal Housing Administration, FHA loans open the door for buyers who are still building credit or savings. Guidelines are more forgiving of past credit events and higher debt-to-income ratios.

Typical down / equity

3.5%

Typical credit score

580+

Best for

First-time buyers and buyers rebuilding credit

Guaranteed by the U.S. Department of Veterans Affairs, VA loans let eligible veterans, service members and surviving spouses buy with no down payment and no monthly mortgage insurance.

Typical down / equity

0%

Typical credit score

580–620+

Best for

Eligible veterans, active-duty members and surviving spouses

Backed by the U.S. Department of Agriculture, USDA loans help low- and moderate-income buyers purchase in eligible rural and many suburban areas with no down payment required.

Typical down / equity

0%

Typical credit score

640+

Best for

Buyers in eligible rural and suburban areas

Jumbo loans finance amounts above the conforming loan limits set each year by the FHFA, which is common in high-cost areas like Long Island, New York City, California and South Florida.

Typical down / equity

10%–20%

Typical credit score

660+

Best for

Buyers of higher-priced homes

A fixed-rate mortgage keeps the same principal-and-interest payment for the life of the loan. An adjustable-rate mortgage starts with a fixed period, then adjusts periodically with the market, which can make sense if you expect to move or refinance.

Typical down / equity

Varies by loan type

Typical credit score

Varies by loan type

Best for

Anyone weighing long-term stability against a lower initial rate

A home equity line of credit lets you borrow against your equity as you need it, while keeping your current first mortgage and its rate in place. Pay interest only on what you use.

Typical down / equity

Typically up to 80%–90% combined LTV

Typical credit score

600+

Best for

Homeowners who want to keep a low first-mortgage rate

A home equity loan is a second mortgage paid out all at once, with a fixed rate and a fixed payment. It’s ideal for a one-time expense like a renovation or debt consolidation.

Typical down / equity

Typically up to 80%–90% combined LTV

Typical credit score

640+

Best for

A one-time expense with a predictable payoff

For homeowners 62 and older, a Home Equity Conversion Mortgage converts part of your equity into cash, a line of credit or monthly payments, with no monthly mortgage payment required while you live in the home.

Typical down / equity

Significant equity required

Typical credit score

Financial assessment

Best for

Homeowners 62+ who want to age in place

Debt-service-coverage-ratio loans qualify you on the rental income of the property itself, not on your personal tax returns or W-2s. Investors can close in an LLC and scale a portfolio.

Typical down / equity

20%–25%

Typical credit score

660+

Best for

Real estate investors and landlords

A portfolio (blanket) loan combines several rental properties into a single loan with one closing, making it easier to refinance, pull cash out and keep growing, without managing a separate mortgage on every property.

Typical down / equity

Typically 20%–30% equity

Typical credit score

Varies

Best for

Landlords with several rental properties

Fix-and-flip loans finance the purchase and the renovation together, sized to the property’s after-repair value, with renovation funds released in draws as the work is completed. No rehab planned? A bridge loan funds a fast purchase while you line up long-term financing.

Typical down / equity

From 10% of purchase

Typical credit score

620+

Best for

Investors who buy, renovate, then sell or refinance

Construction loans fund new builds from shovel-ready lots through completion. Funds are released in draws as construction milestones are met, and many programs can also refinance a project that’s already under way.

Typical down / equity

Typically 10%–20% of project cost

Typical credit score

Varies by experience

Best for

Builders, developers and experienced investors

A revolving line of credit gives active investors a pre-approved pool of capital to acquire, renovate or build multiple properties, without starting a new application for every deal.

Typical down / equity

Typically 10%–15% of cost

Typical credit score

Varies by experience

Best for

Active investors closing several projects a year