This will briefly go over what is required for the loan types as well as why a buyer chooses each one.


Coventional Loan

  • Requires a 20% down payment
  • Fixed Rate - Your interest rate stays the same for the life of the loan
  • Avoids PMI(private mortgage insurance-annual premium paid monthly)
  • Requires 3.5% down payment
  • Requires PMI
  • Lower down payment and lower credit score required
  • No down payment required
  • Eligible applicants are veterans, active duty personnel, reservists/National Guard Members.
  • No PMI
  • Right to prepay without penatly
  • No down payment required
  • Some limits on income
  • Eligible for designated rural areas.