Loan Type	Down Payment	Terms	Mortgage Insurance
Fixed Rate Mortgage Learn more	5%	15 or 30 years, fixed	No (if under 80% loan-to-value)
FHA Loan Learn more	3.5%	10, 15, 20, 25 or 30 years, fixed and adjustable	Yes
VA Loans Learn more	None	15, 20, 25 or 30 years, fixed and adjustable	No
Jumbo Loans Learn more	20%	15 or 30 years, fixed and adjustable	No
Rural Housing (USDA) Loans Learn more	None	30 years, fixed	No (Up-Front Guarantee Fee financed into loan)
FHA 203(k) Loan Learn more	3.5%	30 years, fixed	Yes
Adjustable Rate Mortgage (ARM) Learn more	Varies	3/1, 5/1, 7/1 or 10/1	Varies

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