What Mortgage Type Quiz

Conventional (Fannie Mae/Freddie Mac conforming, 3-20% down), FHA (3.5% down with 580+ FICO, government-insured), VA (0% down for eligible veterans, no PMI), USDA (0% down in rural areas), jumbo (above $806,500 conforming limit, 10-20% down), and ARMs (5/1, 7/1, 10/1 fixed-then-adjustable). Each has different FICO, DTI, and MIP/PMI requirements.

Conventional is cheaper if you have 5%+ down and FICO above 680 because you can cancel PMI at 20% equity. FHA is better if your FICO is 580-660 or you only have 3.5% down, but requires upfront MIP (1.75%) plus ongoing MIP for the life of the loan on most current FHA products. The FHA MIP vs conventional PMI math breaks even around 680 FICO with 5% down.

You answer 8 questions about your down payment, income stability, FICO score, plans, and veteran/rural status. The quiz recommends the mortgage type (conventional, FHA, VA, USDA, jumbo, or ARM) best suited to your situation.

The quiz has 8 questions covering your financial situation, risk appetite, and property plans. It takes under 2 minutes and delivers a personalized mortgage type recommendation.

Yes. Retake to explore how different down payment sizes or risk tolerances change the recommendation. This helps you understand the trade-offs between conventional, FHA, VA, and ARM products.

Recommendations are based on Fannie Mae, Freddie Mac, FHA, and VA underwriting guidelines and common borrower profiles. They provide a starting point on whether conventional, FHA, VA, USDA, jumbo, or ARM is right for you, always consult a licensed loan officer or mortgage broker for advice tailored to your specific file and investor overlays.

FHA requires just 3.5% down with a 580 FICO but charges mandatory mortgage insurance for the life of the loan. Conventional requires 3-5% down with 620 FICO and lets you cancel PMI at 20% equity. The FHA vs conventional break-even point is around 680 FICO with 5% down according to Freddie Mac guidelines, above that score conventional is usually cheaper long-term.

US lenders use the 28/36 rule: housing costs should stay under 28% of gross monthly income and total debts under 36%. On a $75,000 salary ($6,250/mo), that caps your PITI at $1,750/month.

When you want payment certainty for the full life of the loan, plan to stay 7+ years, have a tight budget, or are risk-averse. Roughly 90% of US borrowers choose 30-year fixed mortgages according to Freddie Mac PMMS data, making it the default US product.

The minimum is 3% for a conventional Fannie Mae HomeReady loan, 3.5% for an FHA loan, and 0% for a VA loan if you are eligible.

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Property investment readiness measures whether you have the capital, knowledge, finance, and legal structure to invest in US investment property successfully. It matters because rental real estate is legally complex and tax-sensitive, the National Association of Realtors Investment and Vacation Home Buyers Report shows aspiring landlords score an average of just 39 out of 100 on readiness.