VA (Department of Veterans Affairs)

30, 20 & 15 Year Fixed

5/1 ARM (Adjustable Rate Mortgage)

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• No down payment
• Available from most lending institutions
• Limitation on amount of closings costs borrower must pay
• No private mortgage insurance
• 100% financing, in most cases
• Available to veterans, active duty military, reservists and members of the Public Health service

FHA (Federal Housing Administration)

30, 20 & 15 year Fixed

1 year, 3/1, 5/1, 7/1 and 10/1 ARM (Adjustable Rate Mortgage)

• Government-insured
• Easier credit qualifying
• Minimum down payment of 3.5% may be gifted
• Up to 105% financing available
• Loan is assumable
• Upfront and monthly mortgage insurance required
• Maximum loan limit restrictions

Conventional

30 year fixed

15 year fixed

3/1, 5/1, 7/1, 10/1 ARM (Adjustable Rate Mortgage)

• Fixed rates
• Higher loan limits
• No upfront mortgage insurance premium
• Flexible underwriting guidelines
• Loan can be assumable