Here are the most popular mortgage loan options in the United States. See basic qualification information and down payments for these home loan options to see which is best suited for you and your next home.
Conventional
This is the most common mortgage option and usually has the best interest rates.
Down Payment: 10% minimum, 20% standard
Best For: repeat buyers
FHA
Makes ownership more affordable with less down and easier credit requirements.
Down Payment: 3.5% minimum, 20% standard
Best For: first-time buyers
VA
Takes away the need for a down payment without the risk of PMI. Only available to veterans.
Down Payment: no down payment
Best For: military veterans
USDA
This mortgage option was developed to promote the purchase of rural land.
Down Payment: no down payment
Best For: investors; anyone interested in living in a rural atmosphere
ARM
These rates start out lower than any other option, but fluctuate with the market (and usually not for the better).
Down Payment: 10% minimum, 20% standard
Best For: anyone interested
Source: Fearless Home Buyer
Which Home Loan is Right for Your Home?
[ad_2]