Compare Mortgages

Which loan is right for you?

What’s The Right Loan For You?

The first step to homeownership is applying for a loan, but which one best suits your needs? Here’s a look at your home loan options.

Conventional Loan

Conventional Loan

A standard, low-fee loan that's a great option for those with good credit and low debt.

FHA Loan

FHA Loan

A government-insured loan with a low down payment and more lenient credit score requirements.

VA Loan

VA Loan

A no down payment loan for qualified service members, veterans, reservists, or surviving spouses.

Rehab Loan

Rehab Loan

A home loan that includes renovation costs. It's for those who are buying a fixer-upper.

Reverse Mortgage

Reverse Mortgage

A loan for homeowners 62 and older that allows them to convert their home equity into cash.

Non-QM Loan

Non-QM Loan

A loan for borrowers with non-traditional financial situations, such as those who are self-employed.

Jumbo Loan

Jumbo Loan

A loan that helps in situations where housing is expensive or the cost of the home exceeds county limits.

The Numbers at a Glance

Loan Type Down Payment Credit Score Upfront Fees Mortgage Insurance
Conventional Loan 3% - 5% 620+ No upfront fees Yes
Jumbo 10% 680+ No upfront fees No
FHA 3.5% 500+ 1.75% MIP .45% to 1.05%
VA 0% 580+ 0% - 3.6% None
Reverse Mortgage None
Rehab 3.5% - 5% 580+ 0% - 1.75% MIP 0 - 1.05% MIP
Non QM 10% 620+ No upfront fees None
Disclaimer: This is intended as a general guide to common mortgages. To get the latest rates and most updated guidelines, contact National Home Loans today.

Answers to Frequently Asked Questions

  • Can I buy a home if I have a low credit score?

    Credit scores are not the end-all and be-all requirement for mortgage applications. But they do play a big part in home loans. You can still qualify if you have a low credit score, but you may end up paying a higher interest rate. And that means you would end up paying more throughout the lifespan of your mortgage.

  • How do I determine my debt-to-income ratio?

    Your debt-to-income (DTI) ratio is an indication of your overall financial health. To determine your DTA, first add up all of your monthly bills (i.e., rent, auto loans, credit cards, student loans). Do not include expenses like groceries, utilities, or gas for your vehicle. Next, divide the total by your gross monthly income (your income before taxes). The calculation will give you your DTI (a percentage). The lower your DTI percentage, the better.

  • Does a pre-approval impact my credit score?

    Yes. While a pre-approval is a wise move when you're ready to begin your home buying journey, it is considered a hard inquiry on your credit report.

  • Which is better, a fixed-rate loan or an adjustable-rate mortgage (ARM) loan?

    With a fixed-rate loan, the interest rate never changes throughout the life of the loan. As a result, many homebuyers prefer a fixed-rate loan because it provides them with a stable mortgage payment.

    An adjustable-rate mortgage will fluctuate as interest rates change. It will stay the same during an introductory period (months or years depending on the loan). Then once that fixed period ends, the interest rate fluctuates periodically (i.e., every six months). It's a bit of a gamble but can pay off if interest rates decrease.

  • What are mortgage points?

    Mortgage points are a way for you to lower the interest rate on your loan. You pay an upfront fee. Each point costs you 1 percent of your total mortgage amount and will typically reduce your interest rate by 0.25 percent.

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