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Types of Loans

Conventional (10-30 year fixed-rate)

Conventional loans have separate down payment requirements, depending on the specific situation.  These loans are typically more attractive to individuals with good credit scores and/or the ability to contribute a substantial down payment.  A conventional fixed-rate mortgage guarantees a fixed interest rate and payment over the life of the loan.

Adjustable Rate Mortgages (ARM)

An adjustable rate mortgage applies an interest rate on the outstanding balance that varies throughout the life of the loan.  Typically, the initial interest rate is fixed for a period of time, then adjusts every year.

VA

VA loans provide 100% financing options when purchasing or refinancing a home.  These loans are designated for current or ex-military personnel.

FHA

FHA loans require a relatively low down payment and insured through the Federal Housing Administration.

Rural Development (RD)

Rural Development loans provide 100% financing options when purchasing or refinancing a home.  These loans are designated for rural areas.

 

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