Buyers-Guide ByceHomes | Trish Byce 404-202-8649

Loan Types

QUICK TIP

Ask your lender about buying points to lower monthly payments

Loan Types

Down Payment*

Loan Types

Eligibility and Restrictions

Good credit, proven steady income (2 years+ for independent contractors).

Conventional (Fixed)

Typically 15–30 year fxed rate

20%

Typically 5–10 year fxed rate, followed by an adjustable rate for the rest of the term

Conventional (ARM)

20%

Slightly more lenient on credit.

Option for individuals with lower credit scores. Homeowner occupant only (no investors). Stringent home inspections. Condos must be FHA approved. May take longer to close.

Typically 30 year fxed rate

FHA

3.5%

Veterans, army members and spouses only. Homeowner occupant only (no investors). Home condition requirements. May take longer to close.

Typically 30 year fxed rate

Not Required

VA

*These are general guidelines, and can vary in some cases. Ask your lender for more information about down payment requirements for your loan program.

Made with FlippingBook - Online Brochure Maker