Loan & Program Comparison

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Type of Loan Flexible
Qualification
Guidelines		 Assumable Loans Rate
Stability		 Low Down
Payment
FHA Loan
  • Down Payments from 3.5%
  • Streamline Refinance*
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VA Loan**
  • For Eligible Veterans and Active Duty Personnel
  • No Down Payment Required
  • No Monthly Mortgage Insurance Premiums 
  • Streamline Refinance*
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Conventional Conforming Fixed Rate Mortgage
  • No Mortgage Insurance Required with Down Payments greater than 20%
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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
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* 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 a fixed term of 1,3,5,7 or 10 years. 


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