TYPES OF LOANS

FHA 203K

A loan for well-needed home improvement

• May be for a purchase or a refinance

• Add flooring, carpeting or siding to a home

• Fix electrical, plumbing, heating system, etc.

• Add or modernize a room

• Other needed improvements

VA

For veterans, active-duty personnel or spouses of veterans

• No application fee or monthly MI

• Zero down payment and cash reserves

• VA funding may be financed

• Primary residence may include 1-4 unit building

• Some consumer debt may be paid off with the refinance program

• Seller will be required to pay certain closing costs

USDA

The loan for a rural area

• No down payment required

• Geographical location must qualify

• Not limited to first-time home buyers

• Mortgage insurance not needed

• Any source may pay closing costs

CONVENTIONAL

Non-government secured loan to avoid monthly PMI payment

• Flexible terms, 15-30 years

• No mortgage account restrictions like FHA loans

• Purchase or refinance

• Non-borrowing co-borrowers allowed