Loan Options
Loan Type
Down Payment
Terms
Mortgage Insurance
Fixed Rate Mortages
5 %
15 or 30 years, fixed
No (if under 80% loan to value)
FHA Home Loans
3.5
10, 15, 20, 25 or 30 years, fixed & adjustable
Yes
VA HOME LOANS
None
15, 20, 25 or 30 years, fixed & adjustable
NO
JUMBO HOME LOANS
2o%
15 or 30 years, fixed & adjustable
No
USDA HOME MORTGAGES
None
30 years, fixed
No (Up-Front Guarantee Fee financed into loan)
Reno-
vation Mortgage
3.5%
30 years, fixed
Yes
Adjustable rate MORTGAGE (ARM)
varies
3/1, 5/1, 7/1 or 10/1
Varies