Loan Types
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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.
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