Which home loan is right for me?

Home Loan Types

One of the first things to think about when you’re ready to get a home loan is whether you want a fixed rate loan, or an adjustable rate loan.

Fixed Rate Loans: This is the most popular home loan option, with principal and interest payments that won't change during the life of the loan. Fixed Rate Loans also come with an option to buy a lower interest rate with discount points.
Adjustable Rate Loans: This option offers a fixed interest rate for the first 3, 5 or 7 years. After that time, the rate may vary and the payment may change annually. Adjustable Rate Loans typically come with lower initial rates than with other home loans, and rate caps protect you by limiting the amount your rate can increase.

Once you know which of these options is right for you, you can then begin to look at different loan programs that fit your particular situation.


FHA Loans A great home loan option for those looking for lower down payment requirements and flexible qualifications.
    Low down payment with upfront, monthly mortgage insurance premiums
    Use monetary gifts for down payment or closing costs
    No prepayment penalties if you pay off the loan early
VA Loans Exclusively for members of the armed services or their surviving spouses, this home loan offers the most flexible qualification guidelines.
    Buy your home with little or no money down
    Low closing costs—a limit set by government regulations
    Stable principal and interest monthly payments
    No prepayment penalties if you pay off the loan early
Conventional Loans Home loans not guaranteed by a government agency.
USDA/Rural Development Loans A government home loan program that allows 100% financing on properties in select areas.
FHA 203k Renovation Loans This low down payment, government-backed loan program is designed for homes that are damaged, in need of rehabilitation or that just require some minor updates. With one loan, borrowers can cover the cost of the property and the cost of necessary home repairs.
Fannie Mae HomeStyle® Renovation Loans Similar to the FHA 203k program, this loan allows borrowers to have one loan that includes the purchase price of the home plus renovations. This program, however, offers other distinct advantages, including the following:
    Second homes and investment properties are allowed (one unit only)
    Can be used for traditional renovations, as well as driveways, fences and landscaping


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