{"id":32807,"date":"2018-09-26T19:40:25","date_gmt":"2018-09-26T16:40:25","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=32807"},"modified":"2025-04-10T14:33:53","modified_gmt":"2025-04-10T11:33:53","slug":"types-of-home-loans","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2018\/09\/26\/types-of-home-loans\/","title":{"rendered":"Types of Home Loans &amp; Everything You Need to Know About Them"},"content":{"rendered":"\n<p><strong><em>This article was updated February 7, 2025<\/em><\/strong><\/p>\n\n\n\n<p>Buying a home can seem really complicated, especially when you\u2019re trying to understand different types of home loans and mortgage loans. Of course, before you even start house-hunting, you need to figure out how you\u2019ll pay for it. Most people in the U.S. finance their home with one of the many different types of mortgage loans on the market.<\/p>\n\n\n\n<p>Because there are many different types of home loans \u2014 such as conventional mortgages, government-backed loans, fixed-rate mortgages and balloon loans \u2014 it can get confusing quickly. On top of that, there are also specialized loans, like reverse mortgages and home equity loans.<\/p>\n\n\n\n<p>To get started, check your credit score and see if it needs improvement. You also need to consider your income, monthly budget, expenses, down payment and closing costs. Next, gather all the documents that lenders may need for mortgage pre-approval and approval. Then, you can start looking into the different types of mortgage loans available.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conventional_vs_Non-Conventional_Mortgage_Loans\"><\/span>Conventional vs. Non-Conventional Mortgage Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Home loans fall into two main categories \u2014 conventional and non-conventional (or government-backed). The choice usually depends on your credit score, financials, down payment size, long-term homeownership goals, risk tolerance, and whether you qualify for government programs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conventional_Mortgage_Loans\"><\/span>Conventional Mortgage Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Conventional mortgage loans make up about 90% of home loans in the U.S. They\u2019re offered by private lenders, like banks, mortgage companies and credit unions. They might be guaranteed by private lenders or by government-sponsored entities, like Fannie Mae and Freddie Mac. These loans usually need a higher credit score, may have higher interest rates and often want a larger down payment compared to government-backed loans.<\/p>\n\n\n\n<p>Conventional mortgages also come in two main types of mortgage loans \u2014 conforming loans, which follow guidelines set out by the Federal Housing Authority (FHA), and non-conforming loans that don\u2019t follow all FHA requirements for loan limits, interest rates, down payments and so on.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What are conforming mortgage loans?<\/h3>\n\n\n\n<p>A conforming mortgage loan is a type of conventional home loan that meets the credit score, down payment, property and loan limit rules set by the FHA. For example, in 2024, the highest loan amount for a single family home is $766,550 in most parts of the country.<\/p>\n\n\n\n<p>There are also <strong>high-balance conforming loans<\/strong> for areas where housing is more expensive. These loans exceed the standard FHA limits, but still fit within a special cap set by the FHA for high-cost areas. For 2024, high-balance loans can go up to $1,149,825.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What are non-conforming mortgage loans?<\/h3>\n\n\n\n<p>A non-conforming mortgage loan is a type of conventional home loan that doesn\u2019t follow the rules set by the FHA. It goes beyond the FHA\u2019s loan limits, credit score requirements, down payment rules and other guidelines.<\/p>\n\n\n\n<p>Non-conforming mortgage loans include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Jumbo loans<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Jumbo loans are often used by people with higher incomes to buy luxury homes. They usually involve a down payment of 10% to 20%; a debt-to-income (DTI) ratio of less than 45%; and a higher credit score (around 700) compared to conforming loans.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Balloon mortgages<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Balloon mortgages have low monthly payments, but require a large lump sum payment at the end of the loan term.<strong>&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest-only loans<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Interest-only home loans are set up so that you pay only the interest for a certain timeframe, like five, seven or 10 years. After that, you start paying both the interest and the principal. These loans became less popular after the 2008 housing crisis because they often have adjustable rates that can make payments much higher later.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Subprime loans<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Subprime loans are for people with lower credit scores (580 to 619) and have higher interest rates and larger down payments (10% to 30%). They often have longer terms (up to 50 years) and variable rates.<\/p>\n\n\n\n<p><strong>Dignity mortgages<\/strong> are a special type of loan that can start with a higher interest rate for five years, but, if you make the payments on time, the rates can go down starting with the sixth year.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Share loans<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Also known as co-op mortgages, share loans are one of the most unique types of home loans due to how co-ops operate: Co-op buyers don\u2019t buy actual real property, but rather purchase a set number of shares, which gives them the exclusive use of their co-op units. Because co-op mortgages fund the shares, not real property, the number of co-op lenders is significantly lower than it is for traditional mortgage loans.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Portfolio loans<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Portfolio loans are designed for real estate investors, self-employed people, or those with alternative incomes or lower credit scores (as low as 580). They often have more flexible terms, but usually come with higher interest rates and closing costs than conforming mortgage loans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What are the most important factors to qualify for a conventional mortgage loan?<\/h3>\n\n\n\n<p>The most important factors to qualify for a conventional mortgage loan are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A credit score of at least 620 (but can often be a minimum of 640)<\/li>\n\n\n\n<li>A maximum debt-to-income ratio of 43%<\/li>\n\n\n\n<li>A down payment of at least 20% of the home\u2019s sale price<\/li>\n\n\n\n<li>No foreclosures in the last seven years<\/li>\n\n\n\n<li>No bankruptcies in the last four years<\/li>\n<\/ul>\n\n\n\n<p>Note that you may also have to buy private mortgage insurance (PMI) until you reach at least 22% home equity or the halfway point of your loan term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Non-Conventional_Mortgage_Loans\"><\/span>Non-Conventional Mortgage Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Non-conventional mortgage loans are backed by the government, usually through the FHA, U.S. Department of Veterans Affairs (VA) or U.S. Department of Agriculture (USDA). As a result, they\u2019re often called government-backed loans and the most common types are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#What_Are_FHA_Loans\">FHA loans<\/a><\/li>\n\n\n\n<li><a href=\"#What_Are_USDA_Loans\">USDA loans<\/a> <\/li>\n\n\n\n<li><a href=\"#What_Are_VA_Loans\">VA loans<\/a><\/li>\n<\/ul>\n\n\n\n<p>These different types of home loans help low- to moderate-income people, rural residents and veterans. They usually have lower interest rates than conventional loans and take smaller down payments (or none at all).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"What_Are_FHA_Loans\">What Are FHA Loans?<\/h3>\n\n\n\n<p>FHA loans are a type of mortgage loan backed and regulated by the FHA. They\u2019re only offered through lenders approved by the FHA and are known for setting lower credit score, down payment and loan limits versus conventional loans.<\/p>\n\n\n\n<p>In 2024, single family FHA mortgages had a loan limit of $472,030 in low-cost areas and $1,089,300 in high-cost areas. That\u2019s less than the limits for conforming conventional home loans ($766,550 and $1,149,825, respectively). Plus, borrowers with credit scores as low 580 can make a down payment of just 3.5%. If your credit score is less than 580, you can still get an FHA loan, but you\u2019ll need to make a down payment of at least 10%.<\/p>\n\n\n\n<p>FHA loans don\u2019t need private mortgage insurance if your down payment is less than 20% of the purchase price. Instead, FHA loans have both an annual mortgage insurance premium and an initial mortgage insurance premium.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"What_Are_USDA_Loans\">What Are USDA Loans?<\/h3>\n\n\n\n<p>USDA loans are a type of mortgage loan offered by the USDA for rural areas. They\u2019re mainly for low- and moderate-income people whose household earnings are less than 115% of the area median income.<\/p>\n\n\n\n<p>The main advantages of USDA loans are lower interest rates and no down payment. They can also be used to renovate or build a home, not just to buy one, if it will be your primary residence and it\u2019s in an area with fewer than 35,000 residents.<\/p>\n\n\n\n<p>The most common among the different types of home loans that can come from the USDA or private lenders are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>USDA Guaranteed Loans <\/strong>are offered by approved lenders to low- and moderate-income people. The USDA backs 90% of the mortgage, which helps lower the interest rates. Lenders usually require a credit score of at least 640, but the USDA doesn\u2019t set a minimum.<\/li>\n\n\n\n<li><strong>USDA Direct Loans<\/strong> are offered directly by the USDA to very low- and low-income people. Interest rates are as low as 1% because they\u2019re based on income.<\/li>\n<\/ul>\n\n\n\n<p>The USDA offers loans through two of its departments: &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Farm Service Agency (FSA):<\/strong> Supports farmers and ranchers with funding for buying, maintaining, or improving farms and agricultural activities.<\/li>\n\n\n\n<li><strong>Rural Housing Service (RHS):<\/strong> Provides funding for housing in rural areas for low- and moderate-income people.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"What_Are_VA_Loans\">What Are VA Loans?<\/h3>\n\n\n\n<p>Veterans Affairs (VA) loans are a type of home loan available to veterans, service members and, in some cases, surviving spouses. Like FHA loans, they\u2019re offered through private lenders. However, unlike FHA loans, the VA only backs part of the loan, not the entire amount.<\/p>\n\n\n\n<p>VA loans help service members and veterans become homeowners by offering benefits such as: No down payment, no minimum credit score and no private mortgage insurance. Instead, there\u2019s a one-time funding fee that can be added to the total loan amount. The debt-to-income ratio may also need to be 41% or less.<\/p>\n\n\n\n<p>One key difference with FHA loans is that VA loans can be used every time a VA beneficiary buys a new primary residence. This makes them one of the most attractive options for veterans and service members among the many different types of mortgage loans.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Second_Mortgages\"><\/span>What Are Second Mortgages?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Second mortgages are loans taken out on a property that already has a primary mortgage. They let homeowners borrow against their home\u2019s equity, often to make improvements, combine debt or for large expenses. These loans usually have higher interest rates than primary mortgages, but lower than credit cards.<\/p>\n\n\n\n<p>Second mortgages are mostly split between:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Home equity loans (HEL)<\/strong> provide a lump sum with fixed interest rates and payments<\/li>\n\n\n\n<li><strong>Home equity lines of credit (HELOC)<\/strong>offer a variable-rate credit line for borrowing as needed within a set period<\/li>\n\n\n\n<li><strong>Piggyback loans<\/strong>, also known as combination mortgages or 80\/10\/10 loans, involve a primary mortgage for 80% of the home\u2019s price and a second mortgage for 10%. The remaining 10% is covered by the buyer\u2019s down payment.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Reverse_Mortgages\"><\/span>What Are Reverse Mortgages?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Reverse mortgages are a special type of loan available to homeowners age 62 and older. This loan allows them to access the money they\u2019ve built up in their home without having to sell it. Unlike conventional mortgages, there are no monthly payments in reverse mortgages. Instead, the loan is repaid when the home is sold, the borrower moves out or they pass away.<\/p>\n\n\n\n<p>Reverse mortgages can come in the form of a lump sum, a line of credit, monthly payments or a combination of these.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Special-Purpose_Mortgage_Loans\"><\/span>What Are Special-Purpose Mortgage Loans?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Special-purpose mortgage loans are for specific circumstances, goals, and needs that aren\u2019t usually covered by more mainstream mortgage types or are difficult to secure loans for. Some of the different types of special mortgage loans include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Construction loans<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Construction loans cover the costs of building a new home or major renovations and are made available in installments as the project progresses. Typically, these have higher interest rates and need larger down payments due to increased risk. When construction is complete, many convert to a standard mortgage, which is known as a construction-to-permanent loan.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Home renovation loans<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Home renovation loans finance home improvements and can be backed by private lenders or government entities, like Fannie Mae and Freddie Mac. They have similar requirements to traditional mortgages and may cover the costs of both the purchase and renovations. Note that renovation plans are required, and some loans have very specific timelines for completion.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Energy-efficient mortgages<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Energy-efficiency mortgages (EEMs) fund home upgrades like energy-efficient windows, HVAC systems or insulation based on an energy audit conducted by a certified specialist. These have strict loan limits based on the borrower\u2019s DTI, the home\u2019s value and expected savings from the upgrades.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bridge loans<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Bridge loans are short-term (six to 12 months) loans used to buy a new home before selling the old one, including covering costs like down payments and closing expenses. They have higher interest rates, require significant home equity, and are repaid when the buyer sells the old home or secures long-term financing. These can be closed bridge loans with fixed repayment schedules or open bridge loans with flexible terms, but higher interest rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fixed-Rate_Mortgages_vs_Adjustable-Rate_Loans\"><\/span>Fixed-Rate Mortgages vs. Adjustable-Rate Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed-rate mortgages and adjustable mortgages (ARMs) are the two primary loan types in terms of interest rates. Fixed-rate mortgages are far more popular, making up around 90% of the different types of mortgages loans in the U.S.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fixed-Rate Mortgages<\/h3>\n\n\n\n<p>Most buyers choose fixed-rate mortgages because they\u2019re predictable and easy to understand. With this type of loan, the interest rate and monthly payments stay the same for the life of the loan. This stability helps borrowers avoid market ups and downs and makes long-term financial planning simpler. However, fixed-rate mortgages often have higher interest rates than ARMs, especially if the loan is taken out when interest rates are high.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Adjustable-Rate Mortgages<\/h3>\n\n\n\n<p>Adjustable-rate mortgages (ARMs) start with lower interest rates, which can save money during the initial period, usually between five and 10 years. This can be a good option if you don\u2019t plan to stay in your home long or if you plan to sell or refinance it before rates go up. But, if you keep the ARM beyond the initial period, your monthly payments could increase significantly when interest rates rise.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td><strong>Fixed-Rate Mortgage<\/strong><\/td><td><strong>Adjustable-Rate Mortgage<\/strong><\/td><\/tr><tr><td><strong>Interest rate<\/strong><\/td><td>Fixed<\/td><td>Variable after initial loan period<\/td><\/tr><tr><td><strong>Initial interest rate<\/strong><\/td><td>Generally higher<\/td><td>Generally lower<\/td><\/tr><tr><td><strong>Monthly payments<\/strong><\/td><td>Fixed &amp; consistent<\/td><td>Variable after initial loan period<\/td><\/tr><tr><td><strong>Complexity<\/strong><\/td><td>Simple<\/td><td>Advanced<\/td><\/tr><tr><td><strong>Flexibility<\/strong><\/td><td>Rigid<\/td><td>Flexible<\/td><\/tr><tr><td><strong>Risk<\/strong><\/td><td>Relatively low<\/td><td>High<\/td><\/tr><tr><td><strong>Financial planning<\/strong><\/td><td>Straightforward<\/td><td>Challenging &amp; flexible<\/td><\/tr><tr><td><strong>Purpose<\/strong><\/td><td>Long-term homeownership<\/td><td>Short-term homeownership\/ planned refinance<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQ\"><\/span>FAQ\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><em>What is the most common home loan or mortgage?\u00a0<\/em><\/h4>\n\n\n\n<p>The most common home loan (mortgage) is the 30-year, fixed-rate, conventional home loan. with around 90% of homebuyers choosing it.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><em>What are the different types of mortgages?\u00a0<\/em><\/h4>\n\n\n\n<p>There are many different types of mortgage loans with the four most common being conventional mortgages, FHA loans, VA loans and USDA loans. As for rates, the most common mortgage loans are fixed-rate mortgages, adjustable-rate mortgages and jumbo loans.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><em>What are the main differences between conventional and government loans?<\/em><\/h4>\n\n\n\n<p>The main differences between conventional loans and government-backed loans are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Credit Score Requirements:<\/strong> Conventional loans typically need a minimum credit score of 620 and sometimes 640. On the other hand, government-backed loans often accept lower credit scores starting around 580 and sometimes as low as 500.<\/li>\n\n\n\n<li><strong>Down Payment:<\/strong> Many government-backed loans don\u2019t require a down payment. Or, if they do, it\u2019s usually less than the 20% down payment required for conventional loans. Some conventional loans may have down payments as low as 5% or even 3%, but these loans often come with extra insurance costs.<\/li>\n\n\n\n<li><strong>Interest Rates:<\/strong> Government-backed loans generally have lower interest rates because they\u2019re supported by the government. Conventional loans tend to have higher interest rates due to the greater risk for lenders.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><em>What do you need to apply for a mortgage?<\/em><\/h4>\n\n\n\n<p>To apply for a conventional mortgage, you\u2019ll need proof of income, such as pay stubs, tax returns, bank statements and\/or W2 forms; proof of assets, such as investment accounts and retirement funds, as well as gift letters if you receive financial help from relatives or friends to finance your purchase; valid identification; employment verification; and your Social Security number, among others.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\">Fair Use &amp; Redistribution&nbsp;&nbsp;<\/h4>\n\n\n\n<p>We encourage and freely grant permission to reuse and repost information, analysis, charts, tables,&nbsp;and images included on this page. When doing so, we only ask that you link back to this page or PropertyShark.com as the official source.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Disclaimer<\/h4>\n\n\n\n<p>Information provided on this page is purely informational. It is not and should not be regarded as investment advice.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From VA, USDA, balloon and bridge loans to conventional, conforming mortgages and ARMs, here&#8217;s all the loan types you need to know about. <\/p>\n","protected":false},"author":49,"featured_media":44466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[796],"tags":[11172],"class_list":["post-32807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to","tag-old-how-to"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Types of Home Loans &amp; All That You Need To Know | PropertyShark<\/title>\n<meta name=\"description\" content=\"From VA, USDA, balloon and bridge loans to conventional, conforming mortgages and ARMs, here&#039;s all the loan types you need to know about.\" \/>\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.propertyshark.com\/Real-Estate-Reports\/2018\/09\/26\/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=\"Types of Home Loans &amp; 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