There are generally 4 types of loans. They are Conventional, FHA, VA and Jumbo.  However, there are several additional styles of loans that fall under these categories.  Conventional loans can also be HARP loans, Homepath loans, etc.  FHA has programs like the .5% program, USDA, Reverse Mortgages etc and VA has the Interest Rate Reduction Refinance Loan. (IRRRL)  Each type of loan has different down payment requirements and different credit score requirements. Below are some general guidelines to assist you and seeing what type of loan might be best for you.

Types of Loans

Type of Loan Down Payment Credit Score Mortgage Insurance Who can use this loan?
Conventional 5% 720 or Higher Yes Owner Occupied Properties only who don't want an FHA loan
Conventional 10% 660 or Higher Yes Owner Occupied Properties only who don't want an FHA loan
Conventional 20% 620 or Higher No Owner Occupied Properties Loan or Second Homes (Vacation Homes)
Conventional 20% 660 or Higher No Investment Property Loans
FHA 3.5% 580 or Higher Yes Owner Occupied Properties Only
VA 0% 620 or Higher No Owner Occupied Properties only and for Military Veterans Only