Everyone’s circumstances are different, theres a loan for it. Here is a list consisting of typical loan programs.
For those that have good credit, low debt-to-income ratios and can put down a higher down payment. The minimum down payment is 3% to 5%.
20-year - Mortgage payment might be higher than the 30 year old, but you will have the satisfaction of paying your mortgage and building equity faster. Ideal for those that would want something in the middle.
ARM loans fluctuate with the market after a certain period, this loan may provide introductory low interest rates and caps. After that, the rate may vary depending on the market index. Arms may be good if you plan on selling your home after a few years.
This type of financing structure is a great choice for those looking to purchase larger properties or luxury homes in high-end real estate markets. Jumbo Loans also exceed the conforming limit, thus requiring stricter credit guidelines and a larger down payment.
Exclusively for veterans or active-duty service members, this loan comes with less stringent credit guidelines and low down payments for both you and your family.
Popular for first time homebuyers due to its flexible credit restrictions and low down payment options. The minimum down payment is 3.5%.