Understanding your options upfront is key. Based on your credit, down payment, and price range, here are the loan types that best fit your situation today. We'll rank them by how well they match you.

1 Conventional 30-Year Fixed Top match 90/100 fit

This is likely your strongest option. With your 680-739 credit band and 5-10% down payment, you fit well within the typical requirements for a conventional loan. The 30-year fixed term keeps your monthly principal and interest payment predictable and generally lower than a 15-year option, giving you more breathing room in your budget.

What listing sites won't tell you:

You'll pay Private Mortgage Insurance (PMI) since you're putting less than 20% down. This adds to your monthly cost.
PMI can eventually be removed once you reach 20% equity in your home, either by paying down the loan or if your home value increases.
Conventional loans typically have slightly stricter debt-to-income (DTI) requirements compared to FHA loans, often capping near 43-45% of your gross income.

2 FHA 30-Year Fixed 75/100 fit

FHA loans are backed by the Federal Housing Administration and are a solid alternative, especially if you're putting down 5% and want slightly more flexible credit or debt-to-income rules. Your credit band of 680-739 is strong enough for an FHA loan, which often accepts scores down to 580 with 3.5% down.

What listing sites won't tell you:

FHA loans come with Mortgage Insurance Premium (MIP), which includes both an upfront fee (often rolled into your loan) and an annual premium paid monthly.
If you put less than 10% down, FHA's annual MIP stays for the entire life of the loan, unlike conventional PMI which can be removed.
FHA loans have loan limits that vary by county; your 200-350k price band should be well within typical limits in most areas, including Ohio.

3 Conventional 15-Year Fixed 60/100 fit

A 15-year fixed conventional loan means you pay off your home much faster and pay significantly less interest over the life of the loan. Your credit score and down payment percentages work for this, but the monthly payment will be noticeably higher than a 30-year loan, which can tighten your budget significantly.

What listing sites won't tell you:

The monthly payment will be much higher due to the shorter repayment period, which could strain your monthly budget.
You'll still pay Private Mortgage Insurance (PMI) if you put less than 20% down, just like with a 30-year conventional loan, but you'll build equity faster.
Having a higher monthly payment means less financial flexibility for other expenses, savings, or unexpected costs.

4 Adjustable-Rate Mortgage (ARM) 40/100 fit

An ARM starts with a lower fixed interest rate for an initial period (like 5, 7, or 10 years) before adjusting annually. This might offer a lower initial payment than a 30-year fixed loan, but it introduces payment uncertainty down the road. Given your profile, a fixed-rate loan offers more stability for a similar fit.

What listing sites won't tell you:

After the initial fixed period, your interest rate and monthly payment can change significantly, potentially increasing if market rates rise.
These loans carry 'payment shock' risk if your payment jumps when the rate adjusts, which can make your mortgage unaffordable.
ARMs are typically best for people who plan to sell or refinance before the fixed period ends, or those very comfortable with market rate fluctuations.

Your Loan Options, Ranked