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Fixed Rate Loans

  • These are 10-year to 30-year mortgage loans with a fixed interest rate.

  • The down payment can be lower, as little as 5%.

  • They can be refinanced mortgages to cash out equity or to obtain a lower interest rate.

  • The payment is the same amount every month.



Adjustable Rate Loans

  • The term is a 30-year mortgage.

  • Interest rate stays the same for the amount of years you select: 3, 5 or 7 years.

  • After the initial set number of years, the interest rate increases.

  • Monthly payment amount will change whenever interest rates change.



FHA Loans

  • The down payment can be as little as 3.5%.

  • Credit score can be as low as 620.

  • You can qualify 2 years after a bankruptcy.

  • You can qualify 3 years after a foreclosure.



VA Loans

  • Veterans qualify for VA loans for purchasing a home.

  • They have very attractive low interest rates, lower than conventional rates.

  • Closing costs of up to 6% can be paid by the seller.

  • These loans have a more generous debt-to-income ratio.

  • You will not need a down payment.