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.
