|
Loan
Program |
Features |
Best For |
| 100%
LTV Program |
 |
Financing for up to 100%
of the home’s appraised
value |
|
|
Available with 30 and 15
year fixed-rate
mortgages and with 2/28
and 3/27 adjustable-rate
mortgages
|
|
|
|
Borrowers who don’t have
the cash for a down
payment. |
|
|
Borrowers who have less
than perfect credit
|
|
|
Interest-Only Payments |
|
|
Monthly payments include
only interest for an
initial period, making
them much lower |
|
|
Lower payments can
increase buying power in
high-cost markets
|
|
|
|
Self-employed borrowers
who want the flexibility
to make principal
payments whenever their
cash flow permits |
|
|
Borrowers in
higher-priced areas who
need larger loans
|
|
|
Pay-Option Arm |
|
|
Offers borrowers the
advantage of an
adjustable rate mortgage
loan combined with
flexible payment
options |
|
|
Lower initial interest
rate, than an
adjustable-rate loan
|
|
|
|
Borrowers who prefer
flexible payment
options, including
interest only, 30-year
fixed, and 15-year fixed |
|
| 40-Year Fixed Rate |
|
|
Lower monthly payments
increase buying power in
high-cost markets
|
|
|
Available on 30 year
fixed-rate mortgages and
on 2/28, 3/27 and a 5/25
adjustable-rate
mortgages
|
|
|
|
Borrowers in higher
priced areas who need
larger loans
|
|
| 30
and 15-Year Fixed Rate |
|
|
Monthly payments are
fixed over the life of
the loan |
|
|
Interest rate does not
change
|
|
|
Protected if rates go
up |
|
|
Can refinance if rates
go down
|
|
|
|
Borrowers who want a
fixed monthly payment
over the life of the
loan |
|
|
Adjustable-Rate Programs |
|
|
The initial interest
rate is fixed for an
introductory period
(usually 1 to 10 years),
and are lower than for a
fixed-rate mortgage |
|
|
May qualify for higher
loan amounts |
|
|
Can be a good way to
refinance when rates are
not especially low
|
|
|
|
Borrowers who plan to
move or refinance in a
few years
|
|
|
Buyers who need a larger
loan amount than they
qualify for with a
fixed-rate loan
|
|
| VA
Loan |
|
|
No down payment required
|
|
|
Down payment and closing
cost may be funded by a
gift, grant, or secured
loan |
|
|
Flexible income, debt,
and cash requirements to
help borrowers qualify
|
|
|
|
Qualified veterans,
reservist, and
active-duty service
members |
|
|
Borrows with
low-to-moderate income
|
|
|
Borrowers with limited
savings
|
|
| Home
Equity Line of Credit |
|
|
Payments are based on
the amount you borrow |
|
|
Interest maybe tax
deductible
|
|
|
10-year draw period
with up to an additional
20-year repayment
period |
|
|
Variable interest rate
tied to the prime rate
|
|
|
|
Ongoing access to the
equity in your home |
|
|
Borrowers who prefer
flexible payment
options, including
interest only
|
|
|
Home
Equity Loan |
|
|
Receive the entire loan
amount up front |
|
|
Predictable monthly
payments
|
|
|
Fixed interest rate
|
|
|
5
to 30-year term |
|
|
Interest maybe tax
deductible
|
|
|
|
Want the stability of a
predictable monthly
payment |
|
|
Don’t anticipate needing
additional financing in
the future |
|
