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There are hundreds of mortgage options available to today's home buyers. Contact us and we will walk you through this very confusing, but important, part of the home buying process.

1. Mortgage Types


FHA	CONVENTIONAL	VA	NON-CONFORMING

Down Payment
3%	0%-20%	0% .	Various .%


Maximum Mortgage
$165,500	Open	$203,000	Open


Credit Guidelines
Credit History Driven (Mid 500's)	Credit Score Driven (620+)	Borrower must be a Veteran or Reservist	Various Credit & Income Requirements


Benefits
Allows More Monthly Debt when qualifying	Usually Slightly Lower Rates	Allows More Monthly Debt when qualifying	More relaxed Credit Guidelines



2. Mortgage Terms

Fixed Rate	Interest rate is fixed for the term of the loan.

Adjustable Rate	Interest rate adjusts up and down with the economy for the term of the loan.

2-1 Buy Down	Interest rate is reduced 2% the first year, 1% the second year, and stays at the original rate for the remainder of the term.

3. Down Payment Programs

Nehemiah Program	Down payment assistant program that allows customer to finance entire down payment into the loan.

80 / 20	No down payment is needed due to an 80% first mortgage and 20% second mortgage. Interest rate on second mortgage is slightly higher.

Save to Buy	Allows the customer to make payments on the down payment during construction of the new home.

4. Closing Costs and Pre-paid Expenses

Closing Costs	These are fees the mortgage company charges you to complete the loan from them. These fees usually gets financed into the loan. These are fees the mortgage company charges you to complete the loan from them.These fees usually gets financed into the loan.

Pre-paid Expenses	These are expenses due at closing such as property taxes and interest. These are out of pocket expenses and are not typically financed into the loan.