MortgageIQLoan types

Mortgage loan types & metro guides

Plain-language explainers for every major loan type, with an illustrative payment for real 2026 prices in the metros people actually search. Educational only — not a quote.

By loan type

FHA LoansFirst-time or credit-building buyers who need a low down payment and a friendlier credit floor.

Conventional LoansBuyers with solid credit (620+, best pricing 740+) who want PMI that eventually goes away.

VA LoansEligible veterans and service members who want zero down and no PMI.

USDA LoansBuyers in USDA-eligible areas who meet income limits and want zero down.

Jumbo LoansBuyers of higher-priced homes or in high-cost metros where prices exceed the conforming ceiling.

Adjustable-Rate Mortgages (ARM)Buyers who expect to sell or refinance before the fixed period ends and want a lower initial rate.

First-Time Buyer LoansNew buyers who want the lowest barrier to entry and may qualify for down-payment help.

RefinancingOwners who can lower their rate or need cash and will stay past the break-even point.

HELOCs & Home EquityOwners with equity who want cash without disturbing a low first-mortgage rate.

By metro

Miami, FLMedian ~$650,000 · high-cost/jumbo

Tampa, FLMedian ~$466,000

Atlanta, GAMedian ~$425,000

Charlotte, NCMedian ~$438,000

Dallas, TXMedian ~$490,000

Austin, TXMedian ~$557,000

Phoenix, AZMedian ~$409,000

Denver, COMedian ~$641,000

Los Angeles, CAMedian ~$1,070,000 · high-cost/jumbo

New York, NYMedian ~$1,000,000 · high-cost/jumbo

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