Which Loan is Right For You?
In the past every home owner got the same loan: a 30 year fixed mortgage. Today there are many different loan programs and choosing the right one could save you hundreds of dollars on your monthly payments.
Loan Programs Available | By Credit Score |
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Conventional Loan | 620 Plus Credit Score Required |
FHA Loan | 580 Plus 3.5% Down Required |
FHA Loan | 500 Plus 10% Down Required |
FHA Grants | 620 Plus Credit Score Required |
USDA | 550 Plus Credit Score Required |
VA Loan |
500 Plus Credit Score Required |
Non-QM | 500 Plus Credit Score Required |
How Long Do You Plan On Living In The House? | We Recommend: |
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Not Very Long (1-3 Years) | 3/1 ARM, 1 year ARM or 6 month ARM |
A few years (3-5 Years) | 5/1 ARM |
At least 5 years (5-7 years) | 7/1 ARM |
Around 10 years ( 7-10 years) | 10/1 ARM, 30 yr fixed or 15 yr fixed |
A long time (10 plus years) | 30 year fixed or 15 year fixed |
Loan Programs | Advantages | Disadvantages |
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30 year Fixed 15 year Fixed |
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Adjustable Rate Mortgages (ARMS) |
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Balloon Mortgages |
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First Time Buyer Programs |
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No point, No fee Programs |
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Home Equity Line of Credit |
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Home Equity Fixed Loan |
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