Are you looking to purchase a home, but aren’t sure of what your options are? Below are some of the most popular mortgage programs to give you an idea of what’s available to you.

Conventional Loans

These are the most common types of loans, and include fixed rate and adjustable rate mortgages (ARMs). Most require a down payment, but there are options that minimize down payment requirements, including 3% and 5% down.

Federal Housing Administration (FHA) Loans

FHA loans are designed to help first-time homebuyers and others with moderate incomes who have not yet been able to save the cash needed for a down payment.

  • Down payments as low as 3.5%
  • Your loan is guaranteed by the government
  • Less than perfect credit can apply
  • Energy-efficient mortgages, reverse mortgages, refinances, and renovation loans also available
  • Upfront Mortgage Insurance Premium (UFMIP) and monthly Mortgage Insurance Premium (MIP) fees may apply

U.S. Department of Veterans Affairs (VA) Loans

VA Loans allow eligible veterans to realize their home buying dreams, and help existing VA homeowners with money-saving refinance options.

  • Low down payment requirements
  • No private mortgage insurance requirements
  • No prepayment penalty
  • Less than perfect credit can apply
  • VA funding fees apply

U.S. Department of Agriculture (USDA) Loans

USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as “Farmers Loans”, but eligibility has recently been loosened, giving many people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.

  • 100% financing options available
  • Great rates and down payment options
  • Better terms than a FHA or conventional loan
  • Flexible credit guidelines mean less than perfect credit may still qualify
  • USDA guarantee fee and annual fees apply
FHA, VA, and USDA loans are government-insured loans subject to certain qualifications and restrictions. All loans are subject to credit approval and loan program guidelines.