MORTGAGES: LOAN TYPES


Conventional

BEST FOR:
ALL HOME BUYERS

DETAILS

  • More financing options

  • Best if you have ‘good’ to ‘excellent’ credit

  • As little as 3% down

  • 10-30 Year Fixed Terms

  • High 95% Loan to Value

  • No limits on income, area or occupancy


FHA

BEST FOR:
FIRST TIME HOME BUYERS

DETAILS

  • As little as 3.5% down

  • Low Payments

  • Low Interest Rates

  • Low Credit Score options

  • 15-30 Year Fixed Rate

  • High 96.5 Loan to Value

VA

BEST FOR:
MILITARY VETERANS

DETAILS

  • Only for military veterans

  • 0% down

  • Flexible credit guidelines

  • Low Payments

  • No Mortgage Insurance

  • 15-30 Year Fixed Rate


USDA

BEST FOR:
FIRST TIME HOME BUYERS + FARM/ AGRICULTURAL PROPERTIES


DETAILS

  • No down payment

  • Income Restrictions

  • Best if you have ‘good’ credit

  • Limited to Rural Areas

  • 30 Year Fixed Rate