FHA
FHA (Federal Housing Administration) loans allow buyers low down payments such as 3% , low monthly payments, and relaxed credit requirements.

VA
VA (Department of Veterans Affairs) loans are similar to FHA loans but are available only to U.S. Veterans of the armed forces.

Conventional
Any mortgage that is not provided through the FHA or VA falls into this category. Conventional mortgages usually require larger down payments but waive the (PMI) Private Mortgage Insurance.

100% Financing
You may qualify for financing 100% of the home cost. There are many loans available which do not require a down payment and you would only pay for the closing costs and pre-paid expenses at the time of closing.

Down Payment Assistance Program
Down Payment Assistance Programs (DAP) are available through most lenders in conjunction with an FHA loan. The program allows the seller to "donate" funds through a non-profit organization on behalf of the buyer. Most programs will include closing costs, pre-paid expenses, and down payments to be donated for the buyer. Please contact your lender to learn more about how the program works.

Less Than Perfect Credit
Alternative programs are available for people with less than perfect credit. These loan programs are usually offered with higher interest rates. Once you have a history of on time payments to your mortgage, your loan can be refinanced to a lower rate.