Common Loan Options of Home Purchase

There are several major types of home loans. A good loan officer will be able to help you explore all the options. Here are some of the more common options that I see regularly in my work.

Loan Type	Down Payment	Important Information
VA	0%	For military and eligible borrowers only. There is a Funding Fee that is added to your loan (which can be waived if you’re Disabled). Subject to maximum loan amount depending on location and existing loan(s).
VHDA	0%	This is an FHA program with an additional 3.5% loan from the Virginia Housing Development Authority. Eligibility is subject to income limits. May be eligible for a federal tax credit. Condo Association must be approved for an FHA loan.
FHA	3.5%	May be eligible for a Grant program. Condo Association must be approved for an FHA loan.
Conventional	3% and up	May require as little as 3% down payment. No PMI if the down payment is 20% or higher. You may be able to buy down PMI if the down payment is less than 20%.

These are just the basic options. There are other options and details that you must consider. A good loan officer is the best person to advise you on this.

More Articles You Might Like

Seasonal Home Maintenance Checklist

Leasing Frequently Asked Questions (FAQ)

Why NOW Is a Great Time to Sell Your House

How to Make Your Offer More Competitive

How to Check Your Credit Scores and Reports

Why Tenants Should Buy Renters Insurance

How to Sell Your House Fast for Top Dollar

How to Improve Indoor Air Quality of Your Home

Pinyo Bhulipongsanon

Pinyo is a full-service Realtor with Berkshire Hathaway HomeServices PenFed Realty and an insurance agent with McEvoy Insurance & Financial Services. He specializes in representing clients in the purchase and sale of residential and investment properties throughout Virginia and Maryland areas around DC.

Share our content