What Type of Mortgage is Right for You?
Interest rates can go up or down depending on a variety of factors. You’ll enjoy lower initial rates and payments, but a fixed rate may be a better option if you plan on staying in your home for more than 5–7 years.
Affordable Mortgage Program (AMP) loans are ideal for applicants with limited down payment abilities regardless of where they live. The down payment ranges from 0% to 3% and has no monthly insurance premium.
This is the most popular type of mortgage loan and is ideal for borrowers with good or excellent credit. It’s not government-insured, so there are fewer hurdles. The down payment can be as low as 3% but usually requires mortgage insurance.
This government-insured loan option is ideal for first-time homebuyers because of its relaxed credit standards, low down payment, and ability to finance the required mortgage insurance into the loan.
This loan allows you to purchase a larger home with as little as 10% down. It also does not require a monthly or upfront mortgage insurance. However, it does come with a higher interest rate.
Physician Program loans are for medical professionals who are buying their primary residence or second home. The down payment ranges from 0% to 10%.
Designed for low-income borrowers in rural areas, this loan option offers 100% financing but requires an upfront guarantee fee. The cost is financed into the loan and requires mortgage insurance payments.
This mortgage option is available for eligible veterans, active-duty military, reservists, members of the National Guard, or surviving spouses of veterans. It features competitive rates and no down payment.