LOAN PROGRAM COMPARISON
Make confident decisions about your home loan with our mortgage program comparison table.
LOAN TYPE
FLEXIBLE
GUIDELINES
ASSUMABLE
RATE
STABILITY
LOW MONEY
DOWN
FHA Loans
-
Down Payments from 3.5%
-
Streamline Refinance*
VA Loans
-
Eligible Veterans and Active Duty Personnel**
-
No Down Payment Required
-
No Monthly Mortgage Insurance Premiums
-
Streamline Refinance*
Conventional Conforming Fixed Rate Mortgages
-
No Mortgage Insurance (MI) Required with Down Payments Greater than 20%
Adjustable Rate
Mortgage (ARM)***
-
Initial Fixed Rate Period
-
Lower Starting Interest Rate
-
Potentially Higher Payments
Non-Conforming Loans
-
Loan Amount Above the standard Fannie Mae/ Freddie Mac Loan Limits
-
Non-traditional Lending Guidelines
* Refinance or for Home Improvements. May not need new appraisal.
** Qualification based on Military Service, certain conditions may apply.
*** ARM - Interest rate and payments may move up or down, possibly with caps, after fixed term of 1, 3, 5, 7 or 10 years.
