Major Loan Types Every Homebuyer Should Know
Buyers must choose between fixed-rate and adjustable-rate mortgages, and they’ll have to determine if they want a conventional or government-backed loan.
What loan can I get with a 3% down payment?
Key insights:
It’s possible (and common) for buyers to purchase a home with less than a 20 percent down payment.
In addition to a down payment, financial factors and credit history are important considerations for loan approval.
Pending other factors, buyers with less than 5% down can get approved for a variety of loans — including conventional, FHA, VA and USDA loans.