The minimum credit score on most loans needed is 580. However, there are cases where a lower credit score may be acceptable, but these typically require a larger down payment.

The minimum down payment required on a mortgage loan varies depending on the type of loan and the borrower's circumstances. Here are some common types of mortgage loans and their typical minimum down payment requirements:

Conventional Loans: Typically, these loans require a minimum down payment of 3% to 5%.

FHA Loans: These are loans insured by the Federal Housing Administration and are popular among first-time homebuyers because of their lower down payment requirements, usually around 3.5%.

VA Loans: Available to veterans, active-duty service members, and certain members of the National Guard and Reserves, VA loans are backed by the Department of Veterans Affairs. These loans can offer 0% down payment.

USDA Loans: Aimed at rural homebuyers, these loans are backed by the United States Department of Agriculture. They also offer 0% down payment for eligible homes and borrowers.

APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. Comparing APRs is a useful way to compare the cost-effectiveness of the loans overall, as it can give a more comprehensive view of the loan costs over its term.

These are fees charged by the lender and third parties, such as for the appraisal, title search, and legal fees. Closing costs can vary widely between lenders, so it’s important to compare these costs alongside the interest rate.