US Mortgage Guidelines — 2026
2026 mortgage landscape:
- 30-year fixed: ~6.5%–7.5%
- 15-year fixed: ~5.8%–6.8%
- Conventional down payment minimum: 3%–5%
- PMI required if LTV > 80%
Loan Types
Conventional: 3%–20% down. FHA: 3.5% down. VA: 0% down for veterans. USDA: 0% in eligible rural areas.
Frequently Asked Questions
What is PMI?
Private Mortgage Insurance — required when your down payment is less than 20%. Typically 0.5%–1.5% of the loan per year, added to monthly payments.
What is the 28/36 rule?
A guideline: housing costs should not exceed 28% of gross monthly income, and total debt payments should stay under 36%.
30-year vs 15-year mortgage?
A 30-year has lower monthly payments but costs much more in total interest. A 15-year saves significantly on interest but requires higher monthly payments.