• 30 year fixed
• 15 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

• Higher interest rate
• Higher mortgage payments
• Rate does not drop if interest rates improve
• Minimum credit score 620

• 7/1 ARM
• 5/1 ARM
• 3/1 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

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

• 15 year
• 30 year

• 100 % financing
• Purchase or refi
• No PMI (Priveate Mortgage Insurance)
• No max loan amount

• Must be a veteran
• 580 + credit scores

First Time Buyer Programs (Rural Housing & State Housing)

• Lower down payment
• Easier to qualify
• Lower rates may be available

• May be subject to income and property value limitations
• Area specif