Did you know there are a variety of different loans available to you for buying your home?  Following is a summary of the most popular mortgage options. We advise talking to your lender to get more details on these and other types of loans.

Conventional–This is the most common mortgage option available to home buyers and typically has the lowest interest rates.

Down payment:  10% (20% is standard) and best for repeat buyers

FHA–Makes home ownership affordable with less money down and easier credit requirements.  Also, homes are inspected and need to meet a higher quality standard then conventional loans.  Additionally, buyers do not need perfect credit scores and can apply within 2-3 years of having a foreclosure or bankruptcy.  There are no income limits for applicants and it is not limited to first time home buyers only.

Down payment:  3.5% minimum.

VA–Takes the need for a down payment without the risk of PML.  Only available to veterans.

Down payment:  0% and is only available to military veterans.

USDA–This mortgage option was developed to promote the purchase of rural land.

Down payment:  0% minimum

ARM--These rates start out lower then any other option, but fluctuate with the market.

Down payment:  10% minimum