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Pick Your Mortgage

Every home loan has guidelines. Depending on your credit, how much you’ve saved for a down payment, whether you’ll live in the home, and the type of property — some loans will work, and others won’t. Take a look below to see which mortgage fits your situation.

Conventional Loan


Minimum Credit Score: 620

Minimum Down Payment: 3% - 5%

Maximum Loan 1 Unit: $548,250 low-cost areas, $822,375 in high-cost areas

Occupancy: primary residence, second home, invest

Property Types: most


For the best rates, you'll need a 740-credit score.
No PMI with 20% down

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FHA Loan


Minimum Credit Score: 580

Minimum Down Payment: 3.5%

Maximum Loan 1 Unit: $356,362 low-cost areas, $822,375 in high-cost areas

Occupancy: primary residence

Property Types: 1-4 units, condos, manufactured homes


PMI for the life of the loan

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VA Loan


Minimum Credit Score: 580

Minimum Down Payment: 0%

Maximum Loan: no limit as long as you can financially qualify

Occupancy: primary residence for purchase, investment & second home for refinances

Property Types: 1-4 units, condos, manufactured homes


No PMI with 20% down

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USDA Loan


Minimum Credit Score: 580

Minimum Down Payment: 0%

Maximum Loan 1 Unit: $356,362 low-cost areas, $822,375 in high-cost areas

Occupancy: primary residence

Property Types: 1-4 units, condos, manufactured homes


For rural properties only

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Jumbo Loan


Minimum Credit Score: 700

Minimum Down Payment: 15% - 25%

Maximum Loan 1 Unit: $1,500,000

Occupancy: all

Property Types: most


For the best rates, you’ll need a 740-credit score.

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30-Year Fixed


The payment stays the same throughout the loan.

Fixed rates are best when rates are low.

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15-Year Fixed


The payment stays the same throughout the loan.

Payments are higher than a 30-year, but it’s paid off faster.

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Adjustable-Rate


The payment varies depending upon the loan and market.

Adjustable rates are best when rates are high.

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Couple after exploring different types of mortgages through Homestead Financial
"The path to a great life is paved through investment in others."

- Jayson Hardie on Value

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