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Compare mortgage types side by side
General categories compared honestly, using typical published ranges — not specific lenders we have no relationship with.
How this table is built.
- Typical down payment required
- Whether mortgage insurance applies
- Prequalification without a hard credit pull
- Typical closing speed
| Loan Type | Typical Down Payment | Typical Rate Range | Best For |
|---|---|---|---|
| Conventional loan | 3% – 20% | 6% – 7.5% APR | Buyers with solid credit who want to avoid FHA mortgage insurance long-term |
| FHA loan | 3.5% | 6% – 7.5% APR | First-time or lower-credit buyers who need a smaller down payment |
| VA loan | 0% | 5.5% – 7% APR | Eligible veterans and active-duty service members |
| USDA loan | 0% | 5.5% – 7% APR | Buyers in eligible rural and some suburban areas who meet income limits |
| Adjustable-rate mortgage (ARM) | 3% – 20% | 5.5% – 7% APR intro, variable after | Buyers who plan to sell or refinance before the initial period ends |
| Jumbo loan | 10% – 20% | 6.25% – 7.75% APR | Homes priced above the conforming loan limit for the area |
This table shows typical published ranges, not guaranteed rates — your actual rate depends on your credit, income, down payment and the specific lender.
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