Understanding Financing & Loan Options

Real Estate Loans for owner occupied purposes are readily available. 
Minimum down payments range from 0% to 5%.
Interest rates are at historic lows.

Conventional Fixed Rate Mortgages

• Minimum of 5% down payment for primary home
• Mortgage Insurance is required if less than 20% equity
• Terms of loans can be 30, 20, 15, and 10 years

http://www.fanniemae.com

http://www.freddiemac.com

Adjustable Rate Mortgages

• Minimum of 5% down payment for primary home
• Mortgage Insurance is required if less than 20% equity
• ARM terms are fixed for 1, 3, 5, 7, 10 AND are subject to adjust with annual and lifetime ceiling caps
• Good Option for First Time Homebuyer that knows they will sell the home within a certain timeframe

http://www.fanniemae.com

http://www.freddiemac.com 

FHA Loans  (loan amount up to $270,150 in Douglas County)

• 3.5% down payment
• Gifts Allowed
• Fixed and Adjustable rates available, with terms of 30 and 15 years

• Mortgage Insurance on loan is a combination of both Financed and Monthly
  http://portal.hud.gov/hudportal/HUD?src=/federal_housing_administration

VA Loans

• No Down Payment
• No Mortgage Insurance

http://www.benefits.va.gov/homeloans