Mortgage Types.

If you’re in the market for a home, rest assured there are a variety of home loans at your disposal. Express Mortgage can help you hone in on the perfect mortgage for your particular situation. In fact, we have access to up to 600 products. Even if you’ve been declined elsewhere, we can help! Here’s an overview of the types of loans you may want to consider.

Conventional Loan

A conventional home loan can be conforming or non-conforming. It’s backed by Fannie Mae or Freddie Mac instead of the federal government.  While a conforming loan conforms to loan limits set forth by the Federal Housing Finance Agency (FHFA), a non-conforming loan does not have any limits.

If you take out a conventional loan, you may be able to put as little as 3% down. However, you will have to pay private mortgage insurance (PMI) until you reach 20% equity. A conventional loan might be a solid pick if you have good credit and a substantial down payment.

FHA Loan

Backed by the Federal Housing Administration (FHA), the FHA loan might be a smart option if you don’t have the best credit or a large down payment. You may qualify with a minimum FICO score of 580, as long as you put 3.5% down.

If you have a down payment of at least 10%, a score of 500 is acceptable. Note that loans come with two mortgage premium insurance premiums. You’ll pay one upfront and the other each year over the life of the loan if you put less than 10% down.

VA Loan

If you’re part of the military community, a VA loan should be on your radar. VA loans are specifically designed for active duty and veteran military members and their families. The most noteworthy advantage of a VA loan is that you don’t have to put any money down or pay mortgage insurance. However, you will be on the hook for a funding fee, which will be a percentage of the loan amount.


A Department of Agriculture or USDA loan is worth exploring if you hope to buy a property in a rural area. You may be eligible for a USDA loan if your home is located in a USDA-eligible area and you meet certain income limits. It’s important to understand that even though some USDA loans don’t require a down payment, there are upfront fees and annual fees.

Jumbo Loan

A jumbo loan is a large mortgage for an amount that exceeds the limits set by Fannie Mae and Freddie Mac. If you’re buying an expensive home or a home in a high cost of living area, a jumbo loan may make sense.

Keep in mind that compared to other types of loans, jumbo loans have much higher down payment requirements. You can use a jumbo loan for a primary home, investment property, or a vacation home.