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.
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
Community Heroes
Special financing for police, firefighters, teachers, EMTs, or paramedics
Special financing for police, firefighters, teachers, EMTs, or paramedics
Advantages
Low Down Payment
Rate Security
Low down payment
Community Experts
Special financing for accountants, architects, financial analysts, or actuaries
Special financing for accountants, architects, financial analysts, or actuaries
Advantages
Low Down Payment
Rate Security
No down payment
Select Smart
This program allows you to not pay motgage
insurance or a large down payment
This program allows you to not pay motgage
insurance or a large down payment
Advantages
Low Down Payment
Rate Security
Special Program
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
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.