| Type of Loan |
Best Loan |
|
| Easier Qualification |
Loan Flexibility |
Rate Security |
Lower Equity / Money Down |
FHA Loan
- Low down payments
- Low closing costs
- Easy credit qualifying
|
|
|
|
|
 |
30-Year Fixed Mortgage
- Good Credit
- 20% Down
- Pay Points
|
|
|
|
|
|
VA Loan
- Veterans
- Active duty personnel
- Reservists/National Guard members
- Some surviving spouses
|
|
|
|
|
|
15-Year Fixed Mortgage
- Good Credit
- 20% Down
- Pay Points
|
|
|
|
|
|
Adjustable Rate Mortgage
- Potentially higher payments
- Length of time planning to stay in house
- Best to pay loan off early
|
|
|
|
|
|
Jumbo Loans
- Amount above a standard FHA loan limit
- Higher risk for lenders
|
|
|
|
|
|
FHA Streamline
- Refinance or Modify / Improve the Home
- Must own property for at least 6 months
- All payments must be made on time for at least 1 year
|
|
|
|
|
|