Which Option Works Best For You? Comparing Home Loan Options

Which Option Works Best For You? Comparing Home Loan Options

Which Option Works Best For You? Comparing Home Loan Options

I have good credit and can make a down payment.

Conventional Loan

I have good credit and can make a down payment.
  • Low closing costs and flexible payment options.
  • If down payment less then 20%, then will pay a monthly insurance premium.
620
Credit Score
$417,000
Loan Limit

 5%
Down Payment
15-30 yr
Fixed/Adjustable Interest Rate

This is my first home purchase and/or my credit isn’t great.

FHA Loan

My credit isn’t great.
  • Higher debt-to-income ratios permitted
  • More lenient underwriting criteria
580
Credit Score
$458,850
Loan Limit (may vary by location)

3.5%
Down Payment
15-30 yr
Fixed/Adjustable Interest Rate

I’d like to buy a home that requires some major repairs or renovation.

Standard FHA 203(k) Loan

I’d like to buy a home that requires some major repairs or renovation.
  • Can be used for major improvements to the property totaling over $35,000
  • Down payment based on repairs plus purchase price
640
Credit Score
$458,850
Loan Limit (may vary by location)

3.5%
Down Payment
30 yr
Fixed Interest Rate

I’d like to buy a home that requires minor repairs.

Streamline FHA 203(k) Loan

I’d like to buy a home that requires minor repairs.
  • Can be used for minor repairs or cosmetic upgrades of up to $35,000
640
Credit Score
$458,850
Loan Limit

3.5%
Down Payment
30 yr
Fixed/Adjustable Interest Rate

I’m an active duty service member, a veteran, or a military spouse.

VA Loan

I’m an active duty service member, veteran, reservist, or a military spouse.
  • 100% Financing
  • No monthly mortgage insurance
  • Available for Servicemembers and Veterans, spouses, and other eligible beneficiaries.
580
Credit Score
$1M-1.5M
Loan Limit (based on credit score)

0%
Down Payment
15-30 yr
Fixed/Adjustable Interest Rate

I’m interested in buying a rural or country home.

USDA Loan

I’m interested in buying a rural or country home.
  • For low to moderate income homebuyers
  • 100% Financing available
  • Low monthly mortgage insurance
620
Credit Score
No Max
Loan Limit

0%
Down Payment
30 yr
Fixed Interest Rate

I’m a Virginia resident buying my first home and my credit isn’t great.

VHDA FHA PLUS Loan

I’m a Virginia resident buying my first home and I don’t have a full down payment.
  • Second mortgage will help fund your down payment and closing costs
  • For low to moderate income first-time homebuyers
640
Credit Score
$251,900-500k
Loan Limit (Depends On Location)

0%
Down Payment
30 yr
Fixed/Adjustable Interest Rate
I’m a Virginia resident buying my first home and can make a down payment.

VHDA Conventional Loan

I’m a Virginia resident buying my first home and can make a down payment.
  • Mortgage Insurance required for down payments less than 20%
640
Credit Score
$251,900-500k
Loan Limit (Depends On Location)

3%
Down Payment
30 yr
Fixed Interest Rate

I’m 62-years old or older and have ample or sufficient equity in my home.

Reverse Mortgage Loan

I’m 62-years old or older and have ample or sufficient equity in my current home.
  • Use the equity in your home to get a cash lump-sum or equity line of credit to use how you wish.
  • Zero mortgage payments. Only pay taxes and insurance.

Credit Score
Varies
Loan Limit (Based On Home’s Value)

Varies
Down Payment
Varies
Interest Rate Based On Current Market

I have an excellent credit score and want to buy a home that costs more than $417k.

Jumbo Loan

I have an excellent credit score and want to buy a home that costs more than $417k.
  • For primary and secondary homes
  • Down payments and loan amount vary, based on credit score
  • Interest-only options available
700
Credit Score
$1M-$2.5M
Loan Limit (based on credit score)

15%
Down Payment
15-30 yr
Fixed/Adjustable Interest Rate

I want to do renovations and don’t want to do a 203k.

Conventional Renovation Loan

I want to do renovations and don’t want to do a 203k.
  • Owner occupants, second home buyers, and investors
  • Purchase and refinance options
  • Options for both minor and major repairs
680/720
Credit Score
(Owner Occupant/Investment)
$417,000
Loan Limit

5/15%
Down Payment
(owner occupant/investment)
15-30 yr
Fixed Interest Rate

I want to start from scratch. My house. My way.

Construction Advantage Loan

I want to start from scratch. My house. My way.
  • Borrowers who want control over location and/or style of the home they live in.
  • Construction period is generally 6-12 months.
  • Line of credit with interest only payments until permanent loan closes
680
Credit Score
$417,000
Loan Limit (may vary by location)

10%
Down Payment
(plus 10% contingency)

Interest Rate Based on Current Market