Types of Mortgage Loans
Find the loan type that’s best for you as a borrower. Not sure where to start? Connect with a City & County Mortgage Team Member for guidance.
Conventional Mortgage
This is the most common type of home loan for borrowers.
It requires a down payment as low as 3% and Private Mortgage Insurance until you reach 20% in equity.
Typically, borrowers should aim to have a 620 credit score or above.
FHA Loan
A Federal Housing Administration (FHA) loan can be a good fit for first-time home buyers or those working on their savings & credit.
This loan gives more flexibility in down payment solutions and does require Private Mortgage Insurance over the life of the loan with a down payment less than 10%.
VA Loan
A VA Loan allows active-duty service members, veterans and eligible surviving spouses to finance a home with little to no down payment, no Private Mortgage Insurance and lenient credit score requirements.
There are minimum service requirements to be eligible and it must be your primary residence.