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Highlights:

• Up to 97% financing with some programs.
• Gift funds are allowed for down payment.
• A family member co-signer is allowed and does not have to live in the property.
• There is no up front mortgage insurance (Unless you choose to have it).
• A home seller can pay a buyer's closing cost and pre-paid items up to 3% of sales price (Example: Home price $100,000 - seller can pay up to $3,000)
• Mortgage insurance can be removed when the loan balance is below 80% of the value of the home.
• Buying an investment property (A home you plan on renting to someone else) is allowed.

This is the most common of all loan types in the U.S. A fixed rate mortgage allows you to lock in a rate for as long as 30 years, providing the lowest monthly payments.The rate is fixed for the life of the loan.  The standard terms of a fixed rate mortgage are 30-year, 20-year, 15-year and 10-year amortization. The longer the term, the lower the payment.  Fixed rates provide the security of keeping your payment the same for a long period of time and help with budgeting. 

ARM (Adjustable Rate Mortgage): The rate is fixed for a certain time period, then adjusts yearly after that time period.  Examples of ARMs are a 3/1, 5/1, 7/1, 10/1 ARMs.  The first number is the number of years the rate stays fixed. The second number, normally a number (1), indicates that the rate will change each year after the fixed rate period is complete. ARMs are helpful if you want to get a lower payment than a fixed rate provides. ARMs are typically amortized over a 30 year period.

Highlights:

• Low Down payment (3.5%)

• Gift Funds are allowed for down payment

• A family member, co-signer is allowed and does not have to live in the property

• Approval allowed when a person is only 2 years out of personal bankruptcy

• Approval allowed when a person is only 3 years out of foreclosure on a previous home

• A home seller can pay a buyer's closing cost and pre-paid items up to 6% of sales price (Example: Home price $100,000 - seller can pay up to $6,000)

• Relaxed credit requirements

• Upfront Mortgage Insurance can be financed into the loan.

FHA loans are designed to make housing more affordable for first-time home buyers and those with low to moderate income. FHA mortgage rates can be either fixed or adjustable. They are insured by the Federal Housing Authority(FHA) and allow a home buyer to purchase or refinance a home with as little as 3.5% down-payment.  Monthly mortgage insurance (MI) is paid by the borrower and is included in the monthly payment. FHA loans also allow you to qualify for a loan if your credit is not good enough for a conventional loan. FHA Streamline Refinance loans are great for refinancing to a lower rate without an appraisal of the property.

Highlights:

• Up to 97% financing with some programs.
• Gift funds are allowed for down payment.
• May be a good option for a first-time home buyer.
• A family member co-signer is allowed and does not have to live in the property.
• Monthly Mortgage Insurance rate may be lower than other conventional loans.
• There is no up front mortgage insurance (Unless you choose to have it).
• A home seller can pay a buyer's closing cost and pre-paid items up to 3% of sales price (Example: Home price $100,000 - seller can pay up to $3,000)
• Mortgage insurance can be removed when the loan balance is below 80% of the value of the home.
• Buying an investment property (A home you plan on renting to someone else) is allowed.

This is the most common of all loan types in the U.S. A fixed rate mortgage allows you to lock in a rate for as long as 30 years, providing the lowest monthly payments.The rate is fixed for the life of the loan.  The standard terms of a fixed rate mortgage are 30-year, 20-year, 15-year and 10-year amortization. The longer the term, the lower the payment.  Fixed rates provide the security of keeping your payment the same for a long period of time and help with budgeting.

Highlights:

• 100% Financing - No down payment is required
• Gift funds are allowed for down payment.
• Approval allowed when a person is only 2 years out of personal bankruptcy
• Approval allowed when a person is only 2 years out of foreclosure on a previous home
• Up front VA funding fee can be financed into the loan.
• A home seller can pay a buyer's closing cost and pre-paid items up to 4% of sales price (Example: Home price $100,000 - seller can pay up to $4,000)
• No monthly mortgage insurance.
• Relaxed credit requirements.

Administered by the Department of Veterans Affairs, these special loans make housing affordable for U.S. veterans. To qualify you must be a veteran, reservist, on active duty, or a surviving spouse of a veteran with 100% entitlement. A VA loan is simply a fixed-rate mortgage with a very competitive interest rate. Qualified buyers can also use a VA loan to purchase a home with no money down, no cash reserves, no application fee and reduced closing costs. Some states allow a VA loan for refinancing as well. Your VA regional office can tell you if you're qualified.