This is the usual starting point for many, because it’s exactly what it sounds like: conventional. A Conventional Loan is pretty standard and requires a minimum down payment of 5%, for a maximum loan amount of $548,250. In addition:

For a USDA Home Loan, a new or existing property must be located in a USDA-approved area. While there may possibly be financed closing costs, there is no down payment required (100% – 102% LTV financing based on appraised value.) These also feature reduced monthly mortgage insurance premiums. In addition:

With no income limits, FHA Loans require a 3.5% minimum down payment and a maximum loan amount of $356,362. For condominiums, they must be on FHA-approved list. Also, an upfront Mortgage Insurance premium is financed into the loan. In addition:

Specifically for Veterans, VA Loans require no down payment (loan applicants must meet VA eligibility, however.) The maximum loan amount is $548,250, with no mortgage insurance. The VA funding fee can be financed into the loan (which can be waived by disabled veterans.)

Just like any other type of mortgage, though the applicant must be 62 years or older, own the property, and occupy it as their primary residence. One nice bonus? You don’t have to make a payment until the last surviving homeowner permanently moves out of the property or passes away. At that point, any remaining equity will be inherited by the estate.

For homes exceeding the value of Conventional Loans as established by the FHFA (the current conforming loan limit for one-unit homes in most counties nationwide is $548,250). Predominantly used to finance homes in highly competitive real estate markets or luxury homes, Jumbo Loans are usually available with a fixed interest rate or an adjustable rate.