by 
The Curious Bag
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A number of different mortgage programs are available for borrower. They can have fixed or variable interest rates and range in term from 10 to 40 years. The most popular options are conventional and government financing.
Significance
The most common mortgage on the market today is a 30-year fixed conventional mortgage. However, many borrowers are looking to government options for lower down payments.
Types
Conventional mortgages are underwritten by Fannie Mae and Freddie Mac. Government programs include Federal Housing Administration (FHA), Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) loans.
Features
Conventional mortgages requires at least a 5 percent down payment. FHA requires a minimum 3.5 percent down payment and VA and USDA loans do not require down payments.
Considerations
Many borrowers consider government loan options as well due to lower credit score requirements. However, government loans tend to have higher closing costs and mortgage insurance requirements.
Misconceptions
Many borrowers assume that a 30-year fixed mortgage is the only available option, however, with the varying terms and rate options, there are literally hundreds of available options for any borrower's mortgage.
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