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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.

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