Conventional Fixed Rate Mortgage

• Monthly principal and interest (P&I) payments that stay fixed for the entire life of the loan

• Protection from rising interest rates

• Borrowers who prefer regular payments with no surprises

• People with limited or fixed incomes

• People who plan to stay in their homes a long time

• People who are refinancing at a time when interest rates are comparatively low

FHA Loan

• Low down payment requirements

• Flexible income, debt, and credit requirements

• Down payment and closing costs may be funded by a gift or grant

• First-time and repeat homebuyers

• Homebuyers with limited funds for down payment

• Homebuyers with less than perfect credit

• Homebuyers who need a non-occupant, co-borrower

VA Loan

• No down payment required

• Flexible income, debt, and credit requirements

• Down payment and closing costs may be funded by a gift or grant

• Eligible military service members (may include veterans, reservists, active-duty members)³

• Eligible homebuyers with limited funds for down payment

• Eligible homebuyers with less-than-perfect credit

Lender-Paid Mortgage Insurance Option

• Bypasses mortgage insurance costs when your loan-to-value ratio is more than 80%

• Money that would have gone to mortgage insurance goes instead to tax-deductible interest payments²

• Homebuyers without enough cash for a 20% down payment

• Homeowners who plan to move or refinance within ten years

Jumbo Loans

• Mortgage amounts in excess of the conforming loan limit¹ set by Fannie Mae and Freddie Mac

• Also known as nonconforming loans

• Typically carry higher interest rates

• Homeowners who need to refinance a property with a higher appraised value and can handle larger monthly payments

Adjustable-Rate Mortgage

• Interest rate that is fixed for an initial period, then adjusts periodically based on market conditions

• Lower initial rate than with a fixed-rate mortgage

• A variety of fixed-period options

• People looking for lower monthly payments in the short term

• People who plan to move or refinance again within a few years

FHA Streamline Refinance

• Reduced documentation requirements

• Less processing time than a full FHA refinance

• No appraisal in some cases

• Closing costs may be financed

Current FHA mortgage holders who want to:

• Reduce monthly payments by refinancing to a lower interest rate

• Refinance as quickly and conveniently as possible

VA Interest Rate Reduction Refinance Loan (IRRRL)

• Reduced documentation requirements

• Less processing time than a full VA refinance

• No appraisal in some cases

• Closing costs may be financed

Current VA mortgage holders who want to:

• Reduce monthly payments by refinancing to a lower interest rate

• Refinance as quickly and conveniently as possible