{"id":52681,"date":"2024-02-23T23:04:24","date_gmt":"2024-02-24T07:04:24","guid":{"rendered":"https:\/\/movoto.com\/blog\/?p=52681"},"modified":"2026-10-22T12:30:46","modified_gmt":"2026-10-22T19:30:46","slug":"8-different-types-of-home-loans","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/8-different-types-of-home-loans\/","title":{"rendered":"Types of Home Loans: How to Compare Mortgage Options"},"content":{"rendered":"<p>There isn&#8217;t one type of mortgage that&#8217;s best for every homebuyer.<\/p>\n<p>The right loan depends on factors such as your credit profile, income, down payment, military eligibility, property type and whether you&#8217;re buying a primary home or an investment property.<\/p>\n<p>It also helps to understand that mortgage categories can overlap. A conventional mortgage can have a fixed or adjustable rate. A jumbo mortgage can use traditional or alternative underwriting. A construction loan might ultimately convert into conventional, FHA, VA or USDA financing.<\/p>\n<p>Here are eight of the main home loan types buyers may encounter and what makes each one different.<\/p>\n<h2 class=\"h\">Key Takeaways<\/h2>\n<ol>\n<li>Conventional, FHA, VA and USDA loans each use different eligibility and mortgage-insurance structures.<\/li>\n<li>Jumbo, construction and non-QM loans can address needs that standard agency financing doesn&#8217;t.<\/li>\n<li>Compare the full payment, upfront costs and qualification rules rather than choosing a loan based on one feature.<\/li>\n<\/ol>\n<h2>8 Types of Home Loans at a Glance<\/h2>\n<table>\n<thead>\n<tr>\n<th>Loan type<\/th>\n<th>Potential fit<\/th>\n<th>Key feature<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Conventional<\/td>\n<td>Borrowers who fit standard conventional underwriting<\/td>\n<td>Some programs allow down payments as low as 3%<\/td>\n<\/tr>\n<tr>\n<td>FHA<\/td>\n<td>Borrowers who may benefit from FHA credit and down-payment guidelines<\/td>\n<td>3.5% minimum down payment with qualifying 580+ credit score<\/td>\n<\/tr>\n<tr>\n<td>VA<\/td>\n<td>Eligible veterans, service members and surviving spouses<\/td>\n<td>Potentially 0% down and no monthly mortgage insurance<\/td>\n<\/tr>\n<tr>\n<td>USDA<\/td>\n<td>Eligible households buying qualifying rural properties<\/td>\n<td>Potentially 100% financing<\/td>\n<\/tr>\n<tr>\n<td>Jumbo<\/td>\n<td>Borrowers financing above conforming loan limits<\/td>\n<td>Loan amount exceeds applicable conforming limit<\/td>\n<\/tr>\n<tr>\n<td>Adjustable-rate mortgage<\/td>\n<td>Borrowers comparing an initially fixed rate with future adjustments<\/td>\n<td>Rate can change after the initial period<\/td>\n<\/tr>\n<tr>\n<td>Construction or renovation<\/td>\n<td>Borrowers building or substantially improving a home<\/td>\n<td>Financing can account for construction or rehabilitation costs<\/td>\n<\/tr>\n<tr>\n<td>Non-QM<\/td>\n<td>Borrowers or properties that don&#8217;t fit standard agency underwriting<\/td>\n<td>Alternative qualification methods may be available<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>1. Conventional Loans<\/h2>\n<p>A conventional loan is a mortgage that isn&#8217;t insured or guaranteed by a federal government agency such as FHA, VA or USDA.<\/p>\n<p>Many conventional mortgages are <strong>conforming loans<\/strong>, meaning they satisfy requirements that allow them to be purchased by Fannie Mae or Freddie Mac.<\/p>\n<p>Conventional financing can work for:<\/p>\n<ul>\n<li>Primary residences<\/li>\n<li>Second homes<\/li>\n<li>Investment properties<\/li>\n<li>Purchase loans<\/li>\n<li>Refinances<\/li>\n<\/ul>\n<p>Requirements depend on the specific loan, occupancy, transaction and underwriting findings.<\/p>\n<h3>How Much Do You Need to Put Down on a Conventional Loan?<\/h3>\n<p>You do not universally need 10% or 20% down.<\/p>\n<p>Some conventional programs allow eligible borrowers to make a down payment as low as 3%.<\/p>\n<p>A 20% down payment can still be significant because conventional loans with higher loan-to-value ratios commonly require private mortgage insurance, or PMI.<\/p>\n<p>PMI is different from FHA mortgage insurance and may eventually be cancellable when applicable requirements are satisfied.<\/p>\n<p>A <a href=\"https:\/\/www.lower.com\/mortgages\/calculators\/conventional-mortgage\">conventional mortgage calculator<\/a> can help estimate how the down payment, PMI, taxes and insurance affect the monthly payment.<\/p>\n<h3>What Are the 2026 Conventional Loan Limits?<\/h3>\n<p>For 2026, the baseline conforming loan limit for a one-unit property in most of the United States is <strong>$832,750<\/strong>.<\/p>\n<p>The maximum one-unit conforming limit in designated high-cost areas is <strong>$1,249,125<\/strong>.<\/p>\n<p>Higher limits apply to properties with two to four units, and special limits apply in Alaska, Hawaii, Guam and the U.S. Virgin Islands.<\/p>\n<p>A loan above the applicable conforming limit generally falls into the jumbo category.<\/p>\n<p>Our guide to <a href=\"\/blog\/conventional-loan-definition-what-is-it-and-is-it-right-for-you\/\">conventional loans<\/a> covers this loan type in more detail.<\/p>\n<h2>2. FHA Loans<\/h2>\n<p>An FHA loan is a mortgage made by an FHA-approved lender and insured by the Federal Housing Administration.<\/p>\n<p>FHA is often associated with first-time buyers, but you don&#8217;t have to be buying your first home to qualify.<\/p>\n<p>The program can be useful for borrowers who benefit from FHA&#8217;s credit and down-payment framework.<\/p>\n<h3>FHA Credit Score and Down Payment<\/h3>\n<p>Under FHA program rules:<\/p>\n<ul>\n<li>A qualifying credit score of 580 or higher can allow up to 96.5% financing, or 3.5% down.<\/li>\n<li>A qualifying score from 500 through 579 is generally limited to 90% financing, or at least 10% down.<\/li>\n<\/ul>\n<p>Individual lenders can impose stricter requirements.<\/p>\n<p>FHA financing is generally for principal residences rather than vacation homes or standalone investment properties.<\/p>\n<p>Eligible two- to four-unit properties may qualify when the borrower occupies one of the units.<\/p>\n<h3>FHA Mortgage Insurance<\/h3>\n<p>FHA loans generally require both upfront and annual mortgage insurance premiums.<\/p>\n<p>The upfront premium is generally 1.75% of the base loan amount, while the annual premium depends on factors including loan term, loan amount and original loan-to-value ratio.<\/p>\n<p>The annual premium is typically included in monthly mortgage payments.<\/p>\n<p>An <a href=\"https:\/\/www.lower.com\/mortgages\/calculators\/fha\">FHA mortgage calculator<\/a> can help estimate the effect of FHA mortgage insurance on the payment.<\/p>\n<p>For a deeper look at eligibility, see our guide to <a href=\"\/blog\/what-is-an-fha-loan-and-who-can-apply-for-one\/\">FHA loans and who can qualify<\/a>.<\/p>\n<h3>2026 FHA Loan Limits<\/h3>\n<p>For one-unit properties in 2026, the FHA floor in standard-cost areas is <strong>$541,287<\/strong> and the standard high-cost ceiling is <strong>$1,249,125<\/strong>.<\/p>\n<p>The exact limit depends on the county and number of units.<\/p>\n<h2>3. VA Loans<\/h2>\n<p>A VA-backed home loan is available to eligible veterans, active-duty service members and certain surviving spouses.<\/p>\n<p>Eligibility is established through the Department of Veterans Affairs, while private lenders generally originate the mortgage.<\/p>\n<p>One of the program&#8217;s defining features is the potential for <strong>0% down financing<\/strong> for an eligible borrower purchasing an eligible property.<\/p>\n<p>VA also does not require monthly private mortgage insurance or FHA-style monthly mortgage insurance.<\/p>\n<h3>What Is the VA Funding Fee?<\/h3>\n<p>Many VA borrowers instead pay a one-time VA funding fee.<\/p>\n<p>The amount can vary based on factors including:<\/p>\n<ul>\n<li>Type of VA loan<\/li>\n<li>Down payment<\/li>\n<li>Whether the borrower has previously used the VA loan benefit<\/li>\n<li>Whether the borrower qualifies for a funding-fee exemption<\/li>\n<\/ul>\n<p>Certain borrowers, including some veterans receiving compensation for service-connected disabilities and other eligible borrowers, may be exempt.<\/p>\n<p>The funding fee can generally be financed into the mortgage rather than paid entirely in cash at closing.<\/p>\n<p>A <a href=\"https:\/\/www.lower.com\/mortgages\/calculators\/va-loan\">VA loan calculator<\/a> can estimate the payment, funding fee and cash needed for different scenarios.<\/p>\n<h3>Do VA Loans Have a Minimum Credit Score?<\/h3>\n<p>VA does not establish one universal minimum credit score for the VA home loan benefit.<\/p>\n<p>The lender still evaluates credit, income, debts and the borrower&#8217;s ability to repay and can apply its own credit requirements.<\/p>\n<p>That distinction is important when comparing VA eligibility with lender underwriting.<\/p>\n<h2>4. USDA Loans<\/h2>\n<p>USDA&#8217;s Single Family Housing Guaranteed Loan Program provides a zero-down-payment mortgage option for eligible households buying eligible properties in qualifying areas.<\/p>\n<p>The program isn&#8217;t restricted to farms or extremely remote areas. Eligibility is based on USDA&#8217;s geographic definitions.<\/p>\n<p>USDA also applies household-income limits that vary by location and household size.<\/p>\n<h3>Do USDA Loans Require Mortgage Insurance?<\/h3>\n<p>USDA does not use conventional PMI or FHA mortgage insurance, but that doesn&#8217;t mean the loan has no mortgage-related program fees.<\/p>\n<p>For fiscal year 2026, USDA Guaranteed loans currently have:<\/p>\n<ul>\n<li>A 1% upfront guarantee fee<\/li>\n<li>A 0.35% annual fee<\/li>\n<\/ul>\n<p>The upfront guarantee fee can generally be financed.<\/p>\n<p>The annual fee is calculated from the scheduled unpaid principal balance and is typically reflected in the borrower&#8217;s monthly payment.<\/p>\n<p>A <a href=\"https:\/\/www.lower.com\/mortgages\/calculators\/usda\">USDA loan calculator<\/a> can model the 0%-down structure along with the upfront and annual guarantee fees.<\/p>\n<h3>Who Can Qualify for USDA Financing?<\/h3>\n<p>USDA eligibility involves both the borrower and the property.<\/p>\n<p>Requirements can include:<\/p>\n<ul>\n<li>Qualifying property location<\/li>\n<li>Household income within the applicable USDA limit<\/li>\n<li>Primary-residence occupancy<\/li>\n<li>Acceptable credit history<\/li>\n<li>Sufficient qualifying income<\/li>\n<li>Applicable debt-to-income requirements<\/li>\n<\/ul>\n<p>USDA does not establish one universal minimum credit score for every Guaranteed loan, although lenders may have their own requirements.<\/p>\n<h2>5. Jumbo Loans<\/h2>\n<p>A jumbo mortgage is a loan that exceeds the applicable conforming loan limit and therefore cannot be purchased as a standard conforming mortgage by Fannie Mae or Freddie Mac.<\/p>\n<p>For a one-unit home in most of the United States in 2026, that generally means a loan above <strong>$832,750<\/strong>.<\/p>\n<p>In designated high-cost areas, the conforming limit can be as high as <strong>$1,249,125<\/strong> for a one-unit property, so a $900,000 mortgage might be jumbo in one county and conforming in another.<\/p>\n<p>Jumbo requirements are lender-specific.<\/p>\n<p>Compared with standard conforming financing, a lender may require:<\/p>\n<ul>\n<li>Stronger credit<\/li>\n<li>More cash reserves<\/li>\n<li>A larger down payment<\/li>\n<li>More extensive income or asset documentation<\/li>\n<li>Different appraisal requirements<\/li>\n<\/ul>\n<p>Those are not universal rules. Jumbo programs vary considerably among lenders.<\/p>\n<h3>Is a Jumbo Loan a Conventional Loan?<\/h3>\n<p>It can be.<\/p>\n<p>\u201cConventional\u201d means the mortgage is not insured or guaranteed by a federal government agency.<\/p>\n<p>\u201cConforming\u201d means the mortgage meets the requirements for Fannie Mae or Freddie Mac purchase, including the applicable loan limit.<\/p>\n<p>A jumbo mortgage can therefore be conventional but <strong>non-conforming<\/strong>.<\/p>\n<p>That&#8217;s different from saying every non-conforming mortgage is automatically non-QM.<\/p>\n<h2>6. Adjustable-Rate Mortgages<\/h2>\n<p>An adjustable-rate mortgage, or ARM, has an interest rate that can change after an initial period.<\/p>\n<p>This is different from a fixed-rate mortgage, where the interest rate remains unchanged for the life of the loan unless the borrower refinances.<\/p>\n<p>An ARM is a <strong>rate structure<\/strong>, not necessarily a separate underwriting program.<\/p>\n<p>You can encounter conventional ARMs, jumbo ARMs and other ARM products.<\/p>\n<h3>How Does an ARM Work?<\/h3>\n<p>Many ARMs begin with an introductory period during which the rate is fixed.<\/p>\n<p>After that, the rate can adjust based on:<\/p>\n<ul>\n<li>An underlying index<\/li>\n<li>The loan&#8217;s margin<\/li>\n<li>Adjustment schedule<\/li>\n<li>Initial adjustment cap<\/li>\n<li>Subsequent adjustment caps<\/li>\n<li>Lifetime cap<\/li>\n<\/ul>\n<p>For example, in a 5\/1 ARM, the initial rate is generally fixed for five years and can then adjust once per year.<\/p>\n<p>Other structures use different initial periods and adjustment frequencies.<\/p>\n<h3>ARM vs. Fixed-Rate Mortgage<\/h3>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th>Fixed-rate<\/th>\n<th>ARM<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Interest rate<\/td>\n<td>Does not change<\/td>\n<td>Can change after initial period<\/td>\n<\/tr>\n<tr>\n<td>Principal and interest payment<\/td>\n<td>Stable<\/td>\n<td>Can rise or fall after adjustments<\/td>\n<\/tr>\n<tr>\n<td>Initial rate<\/td>\n<td>Depends on current pricing<\/td>\n<td>May initially be lower than comparable fixed-rate pricing<\/td>\n<\/tr>\n<tr>\n<td>Main risk<\/td>\n<td>Less benefit if rates later fall unless you refinance<\/td>\n<td>Rate and payment can increase<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Don&#8217;t choose an ARM solely on the assumption that you will refinance before the first adjustment.<\/p>\n<p>Your finances, home value and future mortgage rates may be different when that time arrives.<\/p>\n<p>Review the index, margin and rate caps so you understand the maximum payment risk before closing.<\/p>\n<h2>7. Construction and Renovation Loans<\/h2>\n<p>Buying an existing move-in-ready home isn&#8217;t the only scenario a mortgage can finance.<\/p>\n<p>Construction and renovation mortgages can help borrowers build a home or finance substantial improvements.<\/p>\n<h3>Construction-to-Permanent Loans<\/h3>\n<p>A construction-to-permanent loan begins by financing construction and later converts into long-term mortgage financing after the home is completed.<\/p>\n<p>Funds are generally released through a draw process as construction reaches specified milestones.<\/p>\n<p>Construction-to-permanent financing may use:<\/p>\n<ul>\n<li>Conventional programs<\/li>\n<li>FHA programs<\/li>\n<li>VA programs<\/li>\n<li>USDA programs<\/li>\n<li>Lender-specific products<\/li>\n<\/ul>\n<p>Program and lender availability varies.<\/p>\n<p>A detailed guide to <a href=\"https:\/\/www.lower.com\/mortgages\/construction-to-permanent-loans-explained\">construction-to-permanent loans<\/a> explains the difference between one-time-close and two-time-close financing and how the draw process works.<\/p>\n<h3>Renovation Loans<\/h3>\n<p>Renovation mortgages can combine the purchase or refinance of a home with qualifying improvement costs.<\/p>\n<p>Programs can include options such as:<\/p>\n<ul>\n<li>FHA 203(k)<\/li>\n<li>Fannie Mae HomeStyle Renovation<\/li>\n<li>Freddie Mac CHOICERenovation<\/li>\n<li>Other government or lender-specific renovation programs<\/li>\n<\/ul>\n<p>Eligibility, contractor requirements, appraisal methods and permitted renovations vary by program.<\/p>\n<h2>8. Non-QM Loans<\/h2>\n<p>A non-qualified mortgage, or non-QM loan, is a mortgage that does not meet the regulatory requirements to receive Qualified Mortgage status.<\/p>\n<p>That does <strong>not<\/strong> mean the borrower skips underwriting or that the lender makes the loan without determining ability to repay.<\/p>\n<p>Non-QM programs can use different qualification methods for borrowers or properties that don&#8217;t fit traditional agency guidelines.<\/p>\n<p>Depending on the lender, examples can include:<\/p>\n<ul>\n<li>Bank statement loans<\/li>\n<li>DSCR loans for real estate investors<\/li>\n<li>Asset-based qualification<\/li>\n<li>Alternative income documentation<\/li>\n<li>Certain interest-only structures<\/li>\n<li>Other lender-specific programs<\/li>\n<\/ul>\n<p>A <a href=\"https:\/\/www.lower.com\/mortgages\/non-qm\/\">non-QM mortgage<\/a> may be worth comparing when the borrower&#8217;s income, assets, investment strategy or property does not fit conventional agency underwriting.<\/p>\n<h3>Bank Statement Loans<\/h3>\n<p>Bank statement mortgages are commonly designed for eligible self-employed borrowers whose taxable income may not reflect the cash flow of their businesses.<\/p>\n<p>Instead of qualifying primarily from a standard tax-return calculation, the lender can analyze eligible personal or business bank deposits using the program&#8217;s methodology.<\/p>\n<p>This does not mean income goes undocumented. The lender still verifies income according to its program requirements.<\/p>\n<h3>DSCR Loans<\/h3>\n<p>A debt service coverage ratio, or DSCR, loan is generally designed for real estate investors.<\/p>\n<p>Rather than qualifying primarily on the borrower&#8217;s personal employment income, the lender evaluates whether the property&#8217;s rental income or cash flow supports its debt obligation.<\/p>\n<p>This can be useful for investors whose personal tax returns are not the most relevant measure of whether an investment property can support its mortgage.<\/p>\n<h3>Are Non-QM Loans Risky?<\/h3>\n<p>Non-QM should not be confused with the pre-2008 idea of making mortgages without meaningful underwriting.<\/p>\n<p>Modern lenders still have ability-to-repay obligations for covered loans, and non-QM programs establish their own requirements involving credit, down payment, assets, income documentation and property eligibility.<\/p>\n<p>The tradeoff is that alternative underwriting can come with different rates, fees and qualification standards than agency financing.<\/p>\n<h2>What About Fixed-Rate Mortgages?<\/h2>\n<p>A fixed-rate mortgage isn&#8217;t mutually exclusive with the eight categories above.<\/p>\n<p>It describes how the interest rate behaves.<\/p>\n<p>A conventional, FHA, VA, USDA or jumbo loan can potentially have a fixed rate depending on the program and lender.<\/p>\n<p>With a fixed-rate mortgage:<\/p>\n<ul>\n<li>The interest rate remains the same for the loan term<\/li>\n<li>The principal and interest payment remains the same<\/li>\n<li>Taxes and insurance can still change the total monthly housing payment<\/li>\n<\/ul>\n<p>Fixed-rate mortgages can be useful for borrowers who value predictable principal and interest payments over the long term.<\/p>\n<h2>15-Year vs. 30-Year Mortgages<\/h2>\n<p>Loan term is another separate choice.<\/p>\n<p>Two common fixed-rate terms are 15 and 30 years.<\/p>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th>15-year mortgage<\/th>\n<th>30-year mortgage<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Monthly principal and interest<\/td>\n<td>Generally higher<\/td>\n<td>Generally lower<\/td>\n<\/tr>\n<tr>\n<td>Payoff period<\/td>\n<td>Faster<\/td>\n<td>Longer<\/td>\n<\/tr>\n<tr>\n<td>Total interest if held to maturity<\/td>\n<td>Generally lower<\/td>\n<td>Generally higher<\/td>\n<\/tr>\n<tr>\n<td>Budget flexibility<\/td>\n<td>Requires larger required payment<\/td>\n<td>Lower required monthly payment<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The shorter loan is not automatically the better choice.<\/p>\n<p>Compare the required monthly payment, rate, total interest and how much room you want in your monthly budget.<\/p>\n<p>Our guide to <a href=\"\/blog\/different-mortgage-loan-terms-mean\/\">mortgage loan terms<\/a> explains the tradeoffs in more detail.<\/p>\n<h2>Which Home Loan Is Easiest to Qualify For?<\/h2>\n<p>There isn&#8217;t one universally easiest mortgage.<\/p>\n<p>A VA loan may provide excellent terms for an eligible veteran but isn&#8217;t available to everyone.<\/p>\n<p>An FHA loan may accommodate one borrower&#8217;s credit profile better than conventional financing, while another borrower may qualify for a low-down-payment conventional mortgage with better overall economics.<\/p>\n<p>USDA can offer 100% financing but adds geographic and household-income restrictions.<\/p>\n<p>A non-QM program may solve an income-documentation problem that none of those programs addresses.<\/p>\n<p>Instead of asking which mortgage is easiest in general, ask which program fits your specific:<\/p>\n<ul>\n<li>Credit profile<\/li>\n<li>Income documentation<\/li>\n<li>Monthly debts<\/li>\n<li>Down payment<\/li>\n<li>Cash reserves<\/li>\n<li>Property type<\/li>\n<li>Occupancy<\/li>\n<li>Loan amount<\/li>\n<li>Military eligibility<\/li>\n<\/ul>\n<h2>Which Home Loan Has the Lowest Down Payment?<\/h2>\n<p>VA and USDA mortgages can potentially provide 100% financing to eligible borrowers.<\/p>\n<p>FHA generally allows 3.5% down with a qualifying credit score of at least 580.<\/p>\n<p>Some conventional programs also allow as little as 3% down.<\/p>\n<p>But minimum down payment is only one cost.<\/p>\n<p>Compare mortgage insurance or guarantee fees, interest rate, closing costs and monthly payment as well.<\/p>\n<h2>How Should You Compare Different Mortgage Types?<\/h2>\n<p>Don&#8217;t compare mortgage programs based only on their advertised interest rates.<\/p>\n<p>Look at the complete transaction.<\/p>\n<h3>Down Payment<\/h3>\n<p>How much cash must you put toward the purchase?<\/p>\n<h3>Cash to Close<\/h3>\n<p>Include closing costs, prepaid expenses, escrow funding and any program-specific fees.<\/p>\n<h3>Monthly Payment<\/h3>\n<p>Account for:<\/p>\n<ul>\n<li>Principal<\/li>\n<li>Interest<\/li>\n<li>Property taxes<\/li>\n<li>Homeowners insurance<\/li>\n<li>Mortgage insurance or annual guarantee fees<\/li>\n<li>HOA dues when applicable<\/li>\n<\/ul>\n<h3>Interest Rate and APR<\/h3>\n<p>The rate determines the interest charged on the mortgage, while APR incorporates certain additional financing costs to provide another comparison measure.<\/p>\n<h3>Mortgage Insurance or Program Fees<\/h3>\n<p>FHA MIP, conventional PMI, VA funding fees and USDA guarantee fees work differently.<\/p>\n<h3>Property Eligibility<\/h3>\n<p>A mortgage that fits your finances may not fit the property you&#8217;re trying to buy.<\/p>\n<h3>Occupancy<\/h3>\n<p>Primary residences, second homes and investment properties can have very different program choices.<\/p>\n<h3>Long-Term Plans<\/h3>\n<p>The loan that produces the lowest payment today isn&#8217;t automatically the lowest-cost option if you expect to keep the mortgage for many years.<\/p>\n<p>You can use a range of <a href=\"https:\/\/www.lower.com\/mortgages\/calculators\">mortgage calculators<\/a> to compare payment structures, mortgage insurance, cash to close, loan terms and different loan programs before requesting actual Loan Estimates from lenders.<\/p>\n<h2>Mortgage Type vs. Rate Type vs. Loan Term<\/h2>\n<p>These concepts are often mixed together, but they answer different questions.<\/p>\n<table>\n<thead>\n<tr>\n<th>Category<\/th>\n<th>Question it answers<\/th>\n<th>Examples<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Mortgage program<\/td>\n<td>Which underwriting and insurance framework applies?<\/td>\n<td>Conventional, FHA, VA, USDA, non-QM<\/td>\n<\/tr>\n<tr>\n<td>Loan size\/category<\/td>\n<td>Does the balance fit agency loan limits?<\/td>\n<td>Conforming, jumbo<\/td>\n<\/tr>\n<tr>\n<td>Interest-rate structure<\/td>\n<td>Can the rate change?<\/td>\n<td>Fixed rate, ARM<\/td>\n<\/tr>\n<tr>\n<td>Loan purpose<\/td>\n<td>What is being financed?<\/td>\n<td>Purchase, construction, renovation, refinance<\/td>\n<\/tr>\n<tr>\n<td>Loan term<\/td>\n<td>How long is the repayment schedule?<\/td>\n<td>15-year, 20-year, 30-year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>That means a mortgage might simultaneously be described as a <strong>30-year fixed-rate conventional conforming purchase loan<\/strong>.<\/p>\n<p>Another could be a <strong>30-year fixed-rate non-QM DSCR investment-property loan<\/strong>.<\/p>\n<p>Understanding these layers makes mortgage comparisons much clearer.<\/p>\n<h2>Bottom Line<\/h2>\n<p>There are many ways to finance a home, and the categories overlap more than they first appear.<\/p>\n<p>Conventional, FHA, VA and USDA describe major underwriting programs. Jumbo describes a loan above the applicable conforming limit. ARM describes how the interest rate changes. Construction and renovation loans address the property being financed. Non-QM programs can use alternative underwriting for borrowers or properties that don&#8217;t fit standard agency guidelines.<\/p>\n<p>The right comparison is not simply which loan has the lowest down payment or easiest qualification.<\/p>\n<p>Compare eligibility, rate, APR, mortgage insurance or program fees, monthly payment, cash required at closing and how the loan fits the property you actually plan to buy.<\/p>\n<h2>FAQ<\/h2>\n<h3>What are the main types of home loans?<\/h3>\n<p>Common mortgage categories include conventional, FHA, VA, USDA, jumbo, adjustable-rate, construction or renovation, and non-QM loans. These categories can overlap.<\/p>\n<h3>What is the most common type of mortgage?<\/h3>\n<p>Conventional conforming loans are a major part of the U.S. mortgage market. Individual borrowers may be better served by government-backed or other programs depending on eligibility and financial circumstances.<\/p>\n<h3>What type of home loan is easiest to qualify for?<\/h3>\n<p>There is no universally easiest mortgage. FHA can offer flexible program-level credit rules, VA and USDA can provide zero-down options to eligible borrowers, and non-QM programs can address certain borrowers with alternative income or investment-property profiles.<\/p>\n<h3>Do conventional loans require 20% down?<\/h3>\n<p>No. Some conventional programs allow eligible borrowers to put down as little as 3%. A down payment below 20% can require private mortgage insurance depending on the loan.<\/p>\n<h3>What is the conforming loan limit for 2026?<\/h3>\n<p>The 2026 baseline conforming limit for a one-unit property in most of the United States is $832,750. The one-unit ceiling in designated high-cost areas is $1,249,125.<\/p>\n<h3>What is the difference between FHA and conventional loans?<\/h3>\n<p>FHA loans are federally insured and generally require FHA mortgage insurance. Conventional loans aren&#8217;t federally insured or guaranteed and may use private mortgage insurance when applicable. Credit, down-payment and property rules also differ.<\/p>\n<h3>Do VA loans require mortgage insurance?<\/h3>\n<p>No. VA-backed mortgages do not require monthly mortgage insurance. Many borrowers instead pay a one-time VA funding fee, although certain borrowers are exempt.<\/p>\n<h3>Do USDA loans have mortgage insurance?<\/h3>\n<p>USDA Guaranteed loans don&#8217;t use conventional PMI or FHA MIP, but they do have program fees. For fiscal year 2026, the program currently charges a 1% upfront guarantee fee and a 0.35% annual fee.<\/p>\n<h3>What is the difference between jumbo and non-QM?<\/h3>\n<p>Jumbo describes a mortgage whose balance exceeds the applicable conforming loan limit. Non-QM describes a mortgage that doesn&#8217;t receive Qualified Mortgage status. A loan can be jumbo without being non-QM, and certain jumbo loans can also be non-QM.<\/p>\n<h3>What is a non-QM mortgage?<\/h3>\n<p>A non-QM mortgage uses a lending structure outside Qualified Mortgage requirements. Depending on the program, it may allow alternative income documentation or investment-property qualification methods such as bank statements or DSCR. It still involves underwriting and lender requirements.<\/p>\n<h3>Is an ARM a conventional loan?<\/h3>\n<p>An ARM describes an adjustable interest-rate structure rather than one specific mortgage program. A conventional mortgage can be an ARM, and other loan categories may also offer adjustable-rate structures depending on program and lender availability.<\/p>\n<h3>Should I choose a 15-year or 30-year mortgage?<\/h3>\n<p>It depends on your budget and goals. A 15-year mortgage generally requires a higher monthly payment but pays the balance down faster, while a 30-year mortgage typically lowers the required monthly payment but extends repayment over a longer period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There isn&#8217;t one type of mortgage that&#8217;s best for every homebuyer. The right loan depends on factors such as your credit profile, income, down payment, military eligibility, property type and whether you&#8217;re buying a primary home or an investment property. It also helps to understand that mortgage categories can overlap. A conventional mortgage can have a fixed or adjustable rate. A jumbo mortgage can use traditional or alternative underwriting. A construction loan might ultimately convert into conventional, FHA, VA or USDA financing. Here are eight of the main home loan types buyers may encounter and what makes each one different. [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":50517,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[552,243],"tags":[],"class_list":["post-52681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-types-and-programs","category-mortgages-loans","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>8 Types of Home Loans: How to Compare Mortgage Options<\/title>\n<meta name=\"description\" content=\"Compare eight types of home loans, including conventional, FHA, VA, USDA, jumbo, ARM, construction and non-QM mortgages, and learn how each works.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/8-different-types-of-home-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"8 Types of Home Loans: How to Compare Mortgage Options\" \/>\n<meta property=\"og:description\" content=\"Compare eight types of home loans, including conventional, FHA, VA, USDA, jumbo, ARM, construction and non-QM mortgages, and learn how each works.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.movoto.com\/blog\/8-different-types-of-home-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Movoto Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MovotoRealEstate\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-24T07:04:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-22T19:30:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.movoto.com\/blog\/wp-content\/uploads\/2013\/04\/blog-loan-to-value2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bennett Leckrone\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@movoto\" \/>\n<meta name=\"twitter:site\" content=\"@movoto\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bennett Leckrone\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.movoto.com\\\/blog\\\/8-different-types-of-home-loans\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.movoto.com\\\/blog\\\/8-different-types-of-home-loans\\\/\"},\"author\":{\"name\":\"Bennett Leckrone\",\"@id\":\"https:\\\/\\\/www.movoto.com\\\/blog\\\/#\\\/schema\\\/person\\\/c92ee664e9bb86d3847d2eff9894114f\"},\"headline\":\"Types of Home Loans: How to Compare Mortgage Options\",\"datePublished\":\"2024-02-24T07:04:24+00:00\",\"dateModified\":\"2026-10-22T19:30:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.movoto.com\\\/blog\\\/8-different-types-of-home-loans\\\/\"},\"wordCount\":3348,\"publisher\":{\"@id\":\"https:\\\/\\\/www.movoto.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.movoto.com\\\/blog\\\/8-different-types-of-home-loans\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.movoto.com\\\/blog\\\/wp-content\\\/uploads\\\/2013\\\/04\\\/blog-loan-to-value2.jpg\",\"articleSection\":[\"Loan Types &amp; 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