Source: fidelity.com
These don’t meet those same guidelines and come in two main types:
Jumbo Loans: If you need to borrow more than the conforming loan limit, you’ll likely need a jumbo loan. These usually require a strong credit score (700+), a larger down payment (around 20%), and a solid debt-to-income ratio.
FHA Loans: Perfect for first-time buyers or those with lower credit scores, FHA loans require just a 3.5% down payment and a credit score of 580 or higher. They’re designed to make homeownership more accessible.
Once you've picked a loan type, your next decision is interest structure. Here's how they compare:
Fixed-Rate Mortgage
Your interest rate stays the same for the life of the loan
Monthly payments are predictable
Great if you want long-term stability and peace of mind
Adjustable-Rate Mortgage (ARM)
Starts with a lower, fixed interest rate for a set period
After that, the rate adjusts based on the market
Ideal if you plan to sell or refinance within a few years
Mortgage Term Lengths
The most common loan terms are 15 years and 30 years. Both have their pros and cons.
15-Year Mortgage:
Lower interest rate
Higher monthly payments
Less paid over the life of the loan
30-Year Mortgage:
Higher interest rate
Lower monthly payments
More paid in interest over time
It depends on your finances, how long you plan to stay in the home, and how much risk you're comfortable taking. A lender or mortgage advisor can help you compare your options and run the numbers.
Thinking about buying a home and not sure which loan fits your budget? Let’s talk about your goals so we can help match you with the best mortgage option for your situation.
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