Compare Mortgages

Which loan is right for you?

A Mortgage for Every Home Buyer

Your lifestyle and situation is unique and your mortgage should be, too. There are many factors to consider when applying for a mortgage such as payment terms, debt-to-income ratio, credit score and history, and what you can expect to pay upfront. Need guidance on what home loan suits you? Here we list and compare common features of different home loans.

Down Payment Credit Score Upfront Fees Mortgage Insurance
Conventional Loan 3% 620+ 3% 3%
Jumbo 5% 680+ 5% 5%
FHA 3.5%
credit score of 580+
500+ 1.75% MIP
can be wrapped up into loan
.45% to 1.05%
of existing loan balance
VA 0% Varies
can be wrapped up into loan
0% 0%
Reverse Mortgage - - - None
Only applies to HECM loans
Rehab 3.5% 580+ 1.75% MIP
can be wrapped up into loan
1.75% MIP
can be wrapped up into loan
Non QM 10% - 20% 620+ Varies
depending on down payment
depending on down payment
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.

Conventional Loan

  • Potential to save money with a down payment of 20% of more
  • Possible down payments as low as 3%
  • Flexible payment terms, 45% DTI ratio
  • Best for homebuyers looking for a mortgage with low fees
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Jumbo Loan

  • Borrow a bigger loan compared to conventional loans. Underwriting may be stricter.
  • Alternative qualification available
  • Fixed or adjustable rate mortgage rates available
  • Best for home buyers that live in an expensive area or need loans that exceed county limits.
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FHA Loan

  • Low down payment requirement (as low as 3.5%)
  • Lenient credit score
  • Less strict income requirements, DTI ratio of 50% or less
  • Best for home buyers recovering from financial setbacks or have thin credit
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VA Loan

  • 0% down payment required
  • No private mortgage required
  • Loan can be used to purchase property, refinance, or improve current home
  • Only for service members, veterans, reservists, or surviving spouses may be eligible
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Reverse Mortgage

  • No credit score required
  • No income necessary
  • Suitable for borrowers who need to convert part of their home equity into cash
  • Only for borrowers age 62 and above, and must own home outright or have at least 50% equity in home
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Rehab Mortgage

  • Down payment as low as 3.5%, DTI ratio of 45% or less
  • Streamlined loan that can cover both the cost of the home and improvements
  • Access to more affordable homes
  • Best for home buyers who need capital for a fixer-upper
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Non-QM Loans

  • Borrowers with non-traditional financial situations may qualify
  • Flexible credit score requirement, DTI ratio of 43% or less (higher numbers may be negotiable)
  • Alternative payment terms available
  • Best for home buyers who are self-employed, have fluctuating income, or own significant assets
Learn More

Helping You Find Your Way Home.

Ready for a stress-free mortgage experience? Request rates or contact John today!