Quick mortgage loan types chart
Use this page as a short side-by-side reference for common mortgage loan types. It is meant to help you narrow the list before you review the full details, compare costs, or talk through a specific purchase, refinance, or investment property scenario.
For a more guided breakdown, use the full Loan Program Comparisons guide after this quick chart.
Common mortgage loan types compared
| Loan Type | Common Use | Down Payment | Mortgage Insurance or Fees | Occupancy | Helpful For |
|---|---|---|---|---|---|
| Conventional | Primary homes, second homes, and some investment properties | Can be as low as 3% for eligible primary home buyers | PMI may apply below 20% down | Primary, second home, or investment property | Borrowers with solid credit, documented income, and flexible property goals |
| FHA | Primary residence purchase or refinance | Often as low as 3.5% for eligible borrowers | Upfront and monthly mortgage insurance generally apply | Primary residence only | Buyers who need more flexible credit or down payment guidelines |
| VA | Primary residence purchase or refinance for eligible military borrowers | May allow 0% down for eligible borrowers | No monthly mortgage insurance; VA funding fee may apply | Primary residence only | Eligible veterans, active-duty service members, and qualifying surviving spouses |
| USDA | Eligible homes in qualifying rural or suburban areas | May allow 0% down for eligible borrowers | Guarantee fees generally apply | Primary residence only | Buyers who meet property location and household income rules |
| Jumbo | Higher loan amounts above conforming loan limits | Varies by loan size, borrower profile, and property type | PMI and reserve expectations vary by program | Primary, second home, or investment property depending on guidelines | Borrowers purchasing or refinancing higher-priced properties |
| DSCR | Rental property purchase, refinance, or cash-out refinance | Varies by property type, credit, LTV, and rental income support | Program pricing, reserves, and prepayment options vary | Investment property | Real estate investors qualifying mainly from property cash flow |
Key differences to consider
- Property use: FHA, VA, and USDA are generally for primary residences, while conventional and DSCR options may apply to investment properties.
- Eligibility: VA, USDA, FHA, conventional, jumbo, and DSCR programs each look at different borrower, property, income, and documentation factors.
- Cash to close: Down payment, closing costs, mortgage insurance, guarantee fees, and reserves can change the better-fit option.
- Documentation: Owner-occupied loans usually focus on borrower income and credit, while DSCR loans focus more heavily on rental income support.
Need more than the quick chart?
This page is a fast reference. If you are deciding what to apply for, compare the broader details before you narrow the path.
Which mortgage loan type is right for you?
No single loan program fits every buyer or investor. The right option depends on your property goal, occupancy, down payment, credit profile, documentation, location, and long-term plans. Comparing loan types early can help you ask better questions before pre-approval or application. After you narrow the program list, the mortgage amortization calculator can help compare how each term affects principal, interest, and payoff timing.
You may also find these detailed guides helpful:
Talk Through Your Mortgage Options
If you would like help comparing loan programs based on your goals, timeline, property type, and location, 360 Mortgage can help you review available options and next steps.
Disclosure: This page provides general information only and is not a commitment to lend. Loan programs, rates, guidelines, and requirements vary by lender and are subject to change without notice. All loans are subject to underwriting approval and complete documentation review.
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