• 30 year fixed
• 25 year fixed
• 20 year fixed
• 15 year fixed
• 10 year fixed

• 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
• Stability, stability, stability

• Rate does not drop automatically if interest rates improve

• 10/1 ARM
• 7/1 ARM
• 5/1 ARM
• 3/1 ARM
• 1 year ARM
• 6 month ARM
• 1 month ARM

• Lower initial monthly payment
• Rates and payments may go down if rates improve
• May qualify for higher loan amounts
• 30 year term, no balloon payment
• Can be  savvy move if you know that you will pay off the loan in a few years

• More risk, consider well
• Payments may change over time
• Potential for higher payments if rates increase

VA

• 0 down payment
• No monthly mortgage insurance premium

• For eligible veterans only
• VA Appraisers require repairs be done before closing

• Lower down payment
• Easier to qualify
• Lower rates may be available
• Closing cost assistance available

• Income and property value limitations
• Some government subsidized programs may generate a recapture tax if you sell the house too soon
• Education courses may be required
• Longer approval times

USDA Guaranteed Home Loans

• 0 down payment
• No monthly mortgage insurance premium
• Flexible, common sense approvals
• Seller can pay closing costs or finance up to the appraised value

• Income limits
• Geographic limits
• Primary residence, single family home only
• FHA appraisal rules

• Low 3.5% down payment, can be a gift
• No income maximums or special requirements to qualify like VA or USDA
• Seller can pay up to 6% of sales price towards buyer's closing costs

• Mortgage insurance can be expensive
• Loan size maximums
• Appraiser requires health and safety repairs before closing

• No out-of-pocket lender fees at closing, you pay interest, taxes and insurance
• Less money required to close
• Refinance without increasing your loan amount

• Higher rates
• Higher payments
• Larger loan sizes only

Finance improvements to a property in the loan, refinance or purchase

• Longer approval times
• Must use contractors and HUD consultant

• Excellent means for a senior to access equity in a home
• No regular credit or income underwriting

• High closing costs and mortgage insurance fees
• Lump sum disbursement to get a fixed interest rate, ability to draw requires variable interest rate
• HUD counseling required

• Fast closings
• Nearly any property condition
• Common sense underwriting

• Expensive
• Short term