Compare Loan Types:

 

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FHA Loans

• 3.50% minimum down payment required on purchase.

• Minimum FICO score 580.

• Great for First Time Buyers.

• Gifts allowed to qualify.

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Conventional Loans

• 10 to 30 year or customized terms are all available with fixed rate.

• Buy a home with as little as 5% down (primary home).

• No Mortgage Insurance required with 20% down.

• Refinance your primary home for better rate and terms.

• Monthly payments remain the same for the entire loan term.

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VA Loans

• Down payment as low as 0%.

• No Mortgage Insurance.

• Interest rates that are routinely lower than conventional rates.

• Sellers can pay up to 6 percent of closing costs and concessions.

• Higher allowable debt-to-income ratios than for many other loans.

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Adjustable Rate Loans

• 3/1, 5/1, and 7/1 ARM's. Monthly payments based on a 30 year repayment schedule.

• The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.

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