Mortgages | Trulia

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Here’s a look at some common mortgage types to help you see which loan is right for you.

Loan type	Best for	Current avg. APR	Min. down payment*	More details
30-Year Fixed	Low monthly payments that won't change	6.71%	3.0%	30-year fixed is the most common mortgage type
15-Year Fixed	Paying loan off faster (vs 30-year loans)	6.06%	3.0%	Payments are higher, but much less interest is paid over time vs 30-yr loans
7/1 ARM	Those who might sell within 7 years	7.28%	3.0%	After 7 years, interest rate & mo. payment can change annually
5/1 ARM	Those who might sell within 5 years	7.27%	3.0%	After 5 years, interest rate & mo. payment can change annually
FHA 30-Year Fixed	Those with lower credit scores	0.00%	3.5%	Mortgage insurance is required (upfront fee & mo. insurance premium)
VA 30-Year Fixed	Qualifying veterans and active military	6.50%	0.0%	PMI is not required for VA loans, but there may be a VA funding fee
Jumbo 30-Year Fixed	Those purchasing high-priced homes	0.00%	Varies	Jumbo loans are for loan amounts that exceed conventional loan limits

* Actual minimum required down payment may vary depending on criteria established by the lender, investor or insurer of your loan.

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