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Overview |
Advantages |
Eligibility |
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Conventional Loan |
Standard loan, non-government-backed |
Flexible terms, high loan amounts, competitive rates |
Good credit (620+), 3%-20% down payment |
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FHA Loan |
Insured by the FHA, often for first-time buyers |
Low down payment (3.5%), lenient credit requirements |
Credit score (500+), reasonable debt-to-income ratio |
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VA Loan |
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For veterans and service members
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No down payment, lower interest rates, no PMI |
Military service history, certificate of eligibility |
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Foreclosure Bailout Loan |
Prevents foreclosure |
Helps keep ownership, offers financial relief |
Proof of income, property value assessment |
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HELOC |
Credit line based on home equity |
Access funds as needed, interest-only draw period |
85% LTV, good credit and equity |
|
Reverse Mortgage |
Converts home equity to cash for seniors |
No monthly payments, flexible cash options |
62+ years, primary residence, significant equity |
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Renovation Loan |
Funds home improvements |
Covers costs of major renovations increases property value |
Decent credit, project details for approval |
