15-, 30-Year Fixed Loan

fixed rate

30-Year Fixed

A 30-year fixed "conventional" loan has the same mortgage payment for 360 months.

Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less and not required with at least a 20% down payment.

15- and 20-Year Fixed

This type of loan is the same as the 30-year fixed rate loan except the life of the loan is 180 months or 240 months rather than 360 months. Monthly payments for this type loan are higher since the loan is being paid faster than the 30-year fixed rate loan. Generally, interest rates on 15 and 20-year fixed rate loans are slightly lower than on 30-year fixed rate loans.


  • 5% minimum down payment required on purchase

  • Minimum credit score - usually 620

  • Post-bankruptcy: can qualify after 4 years

  • Post-foreclosure: can qualify after 7 years

  • Post-short-sale: Can qualify after 2 years (LTV restrictions may apply)

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