finance5 sections · 26 items
Mortgage Types Cheat Sheet — Fixed, ARM, FHA, VA, USDA Compared
Side-by-side comparison of all major mortgage types including down payment requirements, credit scores, PMI rules, and who qualifies for each.
Conventional Mortgage
| Item | Value |
|---|---|
| Down payment | 3% – 20% |
| Credit score minimum | 620+ (most lenders) |
| PMI (Private Mortgage Ins.) | Required if < 20% down |
| Loan limits (2026) | $806,500 standard |
| Best for | Good credit, 5%+ down |
FHA Loan (Federal Housing Admin)
| Item | Value |
|---|---|
| Down payment | 3.5% (580+ credit) |
| Credit score minimum | 500 (with 10% down) |
| Mortgage Insurance (MIP) | Required for life of loan |
| Loan limits (2026) | $524,225 standard |
| Best for | Lower credit, first-time buyers |
VA Loan (Veterans Affairs)
| Item | Value |
|---|---|
| Down payment | 0% — no down payment |
| Credit score minimum | No VA minimum (lenders: 620) |
| PMI / MIP | None required |
| Who qualifies | Veterans, active duty, spouses |
| Best for | Eligible military members |
USDA Loan (Rural Development)
| Item | Value |
|---|---|
| Down payment | 0% — no down payment |
| Credit score minimum | 640+ (most lenders) |
| Income limit | 115% of area median income |
| Location requirement | USDA-eligible rural areas |
| Best for | Low-to-moderate income, rural |
Fixed-Rate vs Adjustable-Rate (ARM)
| Item | Value |
|---|---|
| 30-year fixed | Same rate for 30 years |
| 15-year fixed | Lower rate, higher payment |
| 5/1 ARM | Fixed 5 years, then adjusts yearly |
| 7/1 ARM | Fixed 7 years, then adjusts yearly |
| 10/1 ARM | Fixed 10 years, then adjusts yearly |
| ARM rate caps | Typically 2/1/5 or 5/1/5 |
Tip: Use landscape orientation for wider tables
Related Tools
Mortgage Calculator
Calculate mortgage payments with taxes, insurance, PMI, and amortization
Home Affordability Calculator
Calculate how much house you can afford based on income, debts, and down payment using the 28/36 rule
Down Payment Calculator
Calculate how much to save for a down payment and see how it affects your mortgage payments and PMI
Stay Updated
Get notified about new tools, features, and exclusive deals. No spam, ever.