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Loan Options

There are several types of mortgage loans. Your lender will help you determine which is best for you and your circumstance.


  • Usually amortized over fifteen to thirty years
  • Usually available for home purchase or refinance
  • Fixed rate, adjustable rate, balloon loan, interest only, 3 option, etc.
  • Minimum down payment as low as 5%, but usually 10%; less than 20% down payment requires PMI (private mortgage insurance)


  • Loans insured against default by the United States government
  • Down payment usually less than 10%
  • FHA adjustable rate mortgage has 1% rate increase with 5% lifetime rate increase
  • All FHA mortgages requires mortgage insurance


  • Buyer can finance up to 100% of sale price
  • Buyer must have VA eligibility certificate
  • Veteran can use VA program more than once
  • Funding fee to guarantee the loan can be financed into the loan or paid in cash by buyer or seller