When it comes to choosing the correct loan program for your financial needs, "eeny, meeny, miny, moe" is never a good idea. Luckily, this product comparison chart offers a clear and concise snapshot of each loan type, so you can get a good idea of which one is best for your mortgage needs. When you're ready to discuss your options, don't hesitate to contact us - our experienced and friendly loan professionals will be happy to answer any questions you may have.
| Mortgage | Low or No Down Payment | Flexible Credit Guidelines | Purchase | Refinance | Advantage | |
|---|---|---|---|---|---|---|
| Conventional Loans | This is the most commonly used loan program - loan term options from 10 to 30 years; primary residence, secondary residence, or rental property purchase options; no mortgage insurance with a down payment of 20% or more | Better pricing | ||||
| FHA Loans | Down payment options as low as 3.5% are available for this government-backed loan | Flexible Credit | ||||
| USDA Loans | It's not just for farmers - this loan is for those looking to purchase or refinance in a rural area, and financing is available up to 100% (meaning no down payment is required) | No down payment | ||||
| VA Loans | Special financing available to active-duty members and veterans of the military | No down payment | ||||
| Wealth Building Loan | This program allows you to pay more to principal and less to interest each month, building equity quicker | No down payment, build wealth fast | ||||
| Community Heroes | Special financing for police, firefighters, teachers, EMTs, or paramedics | Low down payment | ||||
| Community Experts | Special financing for accountants, architects, financial analysts, or actuaries | No down payment | ||||
| Select Smart | This program allows you to not pay mortgage insurance or a large down payment | Low down payment and no mortgage insurance | ||||
| Jumbo Loans | This is perfect for those needed to finance more than the conforming limit of $424,100 | Larger loan options | ||||
| FHA 203(k) Loans | If you're considering a fixer-upper, this loan allows you to finance both your mortgage AND many renovation costs | Great for fixer-uppers | ||||
| Construction Loans | A single loan covers the cost of construction, the lot, and the mortgage | New home construction and low down payment | ||||
| Condominium Loans | Fixed and ARM options are available for this loan, which offers a streamlined condominium review process | Great for those not interested in single-family units | ||||
| Medical Professional Programs | Low down payment options available for doctors and dentists who have just finished medical school or residency, but are ready to become a homeowner | Common sense loan options | ||||
| Home Possible Loans | Financing for low- and moderate-income borrowers | Low down payment, lower reserve requirement | ||||
| Manufactured Housing Loans | Flexible loan terms to meet your specific needs, including options such as FHA and VA financing | Single and double-wide options | ||||
| Cabin or Vacation Home Loans | Perfect for financing your home away from home | Financing for family fun | ||||
| HomeReady Loans | Up to 97% financing, no minimum borrower contributions, and no income limits | Low down payment |