Loan Products Comparison

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 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

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

Advantages
Low Down Payment
Rate Security
Special Program
Better pricing

FHA Loans

Down payment options as low as 3.5% are available for this government-backed loan

Down payment options as low as 3.5% are available for this government-backed loan

Advantages
Low Down Payment
Flexible Credit Guidelines
Rate Security
Special Program
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)

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)

Advantages
Low Down Payment
Flexible Credit Guidelines
Rate Security
Special Program
No down payment

VA Loans

Special financing available to active-duty members and veterans of the military.

Special financing available to active-duty members and veterans of the military.

Advantages
Low Down Payment
Flexible Credit Guidelines
Rate Security
Special Program
No down payment

Wealth Building Loan

This program allows you to pay more to principal and less to interest each month, building equity quicker

This program allows you to pay more to principal and less to interest each month, building equity quicker

Advantages
Low Down Payment
Rate Security
Special Program
No down payment, build wealth fast

Jumbo Loans

This is perfect for those needed to finance more than the conforming limit of $424,100

This is perfect for those needed to finance more than the conforming limit of $424,100

Advantages
Rate Security
Special Program
Larger loan options

FHA 203(k) Loans

If you're considering a fixer-upper, this loan alllows you to finance both your mortgage AND many renovation costs

If you're considering a fixer-upper, this loan alllows you to finance both your mortgage AND many renovation costs

Advantages
Low Down Payment
Flexible Credit Guidelines
Rate Security
Special Program
Great for fixer-uppers

Construction Loans

A single loan covers the cost of construction, the lot, and the mortgage.

A single loan covers the cost of construction, the lot, and the mortgage.

Advantages
Rate Security
Special Program
New home construction

Condo Loans

A variety of financing options are available to get you into your condo quickly and without the hassle.

A variety of financing options are available to get you into your condo quickly and without the hassle.

Advantages
Low Down Payment
Flexible Credit Guidelines
Rate Security
Special Program
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

Low down payment options available for doctors and dentists who have just finished medical school or residency, but are ready to become a homeowner

Advantages
Low Down Payment
Rate Security
Special Program
Common sense loan options

Home Possible®

Financing for low- and moderate-income borrowers

Financing for low- and moderate-income borrowers

Advantages
Low Down Payment
Flexible Credit Guidelines
Rate Security
Special Program
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

Flexible loan terms to meet your specific needs, including options such as FHA and VA financing

Advantages
Low Down Payment
Flexible Credit Guidelines
Rate Security
Single and double-wide options

Cabin or Vacation Home Loans

Perfect for financing your home away from home

Perfect for financing your home away from home

Advantages
Rate Security
Financing for family fun

HomeReady®

Up to 97% financing, no minimum borrower contributions, and no income limits

Up to 97% financing, no minimum borrower contributions, and no income limits

Advantages
Low Down Payment
Flexible Credit Guidelines
Rate Security
Special Program
Low down payment, rental income can be used


All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.