Loan types
Eight kinds of loan. One sentence each.
Pick the one that matches your situation, then read the full guide for who qualifies and what moves the price.
Which one fits, at a glance
The differences that actually decide it are the down payment, the credit floor, and whether you pay mortgage insurance. Everything else is detail.
Scroll the table sideways on a small screen.
| Loan | Min down | Credit floor | Mortgage insurance | Loan cap | Suits |
|---|---|---|---|---|---|
| Conventional 97 | 3% | 620 typical | PMI until you reach 20% equity | The conforming limit | First-time buyers |
| FHA | 3.5% | 580, or 500 with 10% down | MIP, often for the life of the loan | Set per county, usually below conforming | Thinner credit files |
| VA | 0% | The lender sets it, VA does not | None, but there is a funding fee | No limit with full entitlement | Service members and veterans |
| USDA | 0% | The lender sets it | An annual guarantee fee | Household income is capped, not the loan | Rural and edge-of-suburb |
| Jumbo | 10% to 20% typical | 700+ typical | Usually none | Above the conforming limit by definition | Expensive markets |
| Bank statement | 10% to 20% typical | 660+ typical | Varies by lender | The lender sets it | Self-employed with write-offs |
These are the programme rules, not any lender's offer: a lender can and often does ask for more than the minimum, and anything marked "typical" is common practice rather than a published rule. FHA figures from HUD, conventional from Fannie Mae, VA from the VA, USDA from USDA Rural Development. The conforming baseline for 2026 is $832,750, and both the conforming and FHA caps change by county: see your county. lowest.mortgage is not a lender and this is not an offer of credit.
Read the full guide
Buying a home
Private mortgage insurance, or PMI, drops off once you reach 20% equity, so your monthly payment gets smaller without a refinance.
Refinancing
A refinance can lower your rate, shorten your term, or turn equity into cash, and it works by swapping your current mortgage for a new one.
VA loans
VA loans need $0 down and skip monthly mortgage insurance.
Self-employed mortgages
If you work for yourself, lenders read your tax returns in a different way.
FHA loans
FHA loans charge a 1.75% up-front insurance fee, plus a smaller fee each month.
Jumbo loans
A jumbo loan is any mortgage above the conforming limit, the largest loan Fannie Mae and Freddie Mac will buy.
Home equity loans and HELOCs
A home equity loan gives you a lump sum at a fixed rate.
Reverse mortgage
A reverse mortgage lets homeowners 62 and older turn home equity into cash with no monthly mortgage payment.What your profile costs
Move three sliders and see the fee your credit score and down payment add, in dollars.
What borrowers near you paid
Median rate, closing costs and denial rates across 1,568 counties.
Guides by situation
The same loan works differently depending on who you are.
lowest.mortgage is not a lender. These pages are education, not advice or an offer of credit. How we make money