30 year fixed

15 year fixed

• Monthly payments are fixed over the life of the loan.
• Interest rate does not change.
• Protected if rates go up.
• Can refinance if rates go down.

• Rate does not drop if interest rates improve.

10/1 ARM

7/1 ARM

5/1 ARM

3/1 ARM

• Rates and payments may go down if rates improve.
• May qualify for higher loan amounts.
• Fixed Rate period may fit financial term goals.

• More risk.
• Payments may change over time.
• Potential for high payments if rates go up.

30 year fixed

15 year fixed

• Maximum VA loan for 100% LTV is now $1.2m - subject to full eligibility and qualification.
• Negotiable fixed interest rate that is competitive with conventional mortgage financing.
• Limitations on which closing costs may be assessed to the veteran.
• May be prepaid without penalty.
• May have forbearance extended to worthy VA homeowners experiencing temporary financial difficulty.
• Do not require mortgage insurance premiums.
• The seller may pay ALL of the veteran's closing costs, plus 4% of the purchase price towards escrow, points, funding fee.

• VA home loans require the veteran to pay or finance a funding fee unless exempt.
• Co-borrowers are restricted to qualifying veterans and spouses of qualifying veterans only.
• Primary Residence only.

30 year fixed

15 year fixed

• Lenders look more favorably at the terms since the government is backing up the loans.
• Down payment as low as 3.5%.
• Sellers are allowed to pay up to 6% of the purchase price to cover the closing costs.
• Allows for non-owner occupied co-borrowers on the loan, with no penalty.

• Upfront premium can be financed or paid in cash and a monthly premium is required on all loans.
• Primary Residence only.

Select State Bond loans

• Lower down payment.
• Easier to qualify.
• Sometimes you may get lower rate.

• May be subject to income and property value limitations.
• Some programs which have government subsidies may have a recapture tax if you sell the house too early.