Types of Mortgage Loans | Todd Uzzell Mortgage
Todd Uzzell Mortgage — Scottsdale, AZ

Types of Mortgage Loans

Seven loan programs, one loan officer who can walk you through which one actually fits your situation — credit, down payment, and goals.

Most common

Conventional Loans

Down payments from 3%, best for borrowers with good credit and steady income. No upfront mortgage insurance fee like FHA.

→ Lower credit ok

FHA Loans

Down payments as low as 3.5% with credit scores from 580. Government-backed, flexible underwriting for first-time buyers.

→ Veterans

VA Loans

Zero down payment for eligible veterans and active military, no PMI required, competitive rates backed by the VA.

→ Rural areas

USDA Loans

Zero down payment for eligible rural and suburban properties, with income limits based on area and household size.

→ High value homes

Jumbo Loans

For loan amounts above the conforming limit ($806,500 in Maricopa County). Strong credit and reserves required.

→ Self-employed, investors

Non-QM Loans

Bank statement loans, DSCR investor loans, and asset-depletion programs for income that doesn't fit a traditional box.

→ Short-term, investors

Hard Money Loans

Fast, asset-based financing for flips and bridge situations. Educational overview — let's discuss if this fits your deal.

→ Arizona programs

Down Payment Assistance

Home Plus and Home in Five can cover 3-7% of your loan as a grant, potentially eliminating your down payment.

→

Not sure which loan fits?

Most people don't know which program they qualify for until someone walks them through it. Let's talk through your situation and find the right fit.

Schedule a Free Consultation →

How to choose the right loan type

The right mortgage program depends on a few key factors: your credit score, how much you've saved for a down payment, whether you're a veteran or buying in a qualifying rural area, and the price of the home you're targeting relative to the conforming loan limit.

Many borrowers assume they only qualify for one type of loan, when in reality two or three programs might work for their situation, each with different trade-offs in rate, down payment, and mortgage insurance. That's exactly the kind of comparison worth doing before you start shopping for a home.

What type of mortgage loan is right for me?
It depends on your credit score, down payment savings, and whether you're a veteran or buying in a rural area. Conventional suits good credit with 3%+ down, FHA suits lower credit or smaller down payments, VA is for eligible veterans, USDA suits rural buyers, and Jumbo is for loan amounts above the conforming limit.
What is the minimum credit score for a mortgage loan?
Conventional typically requires 620+, FHA allows as low as 580 with 3.5% down or 500 with 10% down, VA has no set minimum but lenders often require 580-620, and USDA typically requires 640+.
Can I get a mortgage with no down payment?
Yes, through VA loans for eligible veterans and active military, or USDA loans for eligible rural properties, both offering 0% down for qualified borrowers.
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