This program is fast becoming the dominant loan in the market place. FHA programs allow consumers with "less than perfect" credit to purchase a new home or refinance to a low fixed rate loan.

FHA programs may also be a viable option for perfect credit borrowers who require a higher loan to value percentage than what a conventional loan may offer.

A minimal 3.5% down payment is required when purchasing a new home. Entire down payment may be a gift.

Homeowners can refinance up to 95 of the value of their home or 90% if they are consolidating debt or receiving cash out.

Property seller may pay all buyers closing costs up to 6%

Although interest rates for these programs are very attractive, all FHA loans regardless of loan to value will incur a funding fee and be subject to monthly mortgage insurance premiums.

Maximum loan amounts are limited by the county where the property is located. Loans range from $271,050 to $729,750.

Conventional or 'conforming" loans are secured by government sponsored entities or GSE's such as Fannie Mae and Freddie Mac. These loans are originated by banks, credit unions, mortgage lenders and mortgage brokers.

These programs have very strick approval guidelines and provide limited flexibility.

Currently a buyer must put a minimum of 5% down to purchase.  Maximum no cash out refinance is limited to 95% and cash out refinance is 85%.

These programs afford some of the lowest available interest rates.

There are no funding fees applicable on a conventional or super conforming loan.

These loan programs are an excellent option for borrowers with impeccable credit, sufficient verifiable income and liquid assets.

Very strict credit, income and  asset requirements.

Mortgage insurance will apply for loans exceeding 80% of property value. Mortage insurance costs may become prohibitive for cash out refinances and for borrowers with credit scores below 720.

Loan amounts limited to $417,000 for convential loans. Super Conforming loans to $625,500 are available in certain high cost areas.

VA loans are available to eligible veterans only. VA purchase loans allow qualified veterans to purchase a new primary residence with zero cash down.

VA loans may be used to refinance a current primary residence or rental that was once a primary residence.

VA loans afford veterans who may have experienced credit issues greater flexibility.  Interest rates are competive with FHA and conforming loan products.

Property seller may pay all buyers closing costs to 6%

VA loans do not require mortgage insurance.

VA loans require a funding fee of between .50% and 3.3% of the loan balance determined by multiple factors such as down payment, VA eligibilty, first or subsequent use of benefits.

Standard 100% loan amounts to $417,000. Loan amounts to $729,250 in certain high cost areas.

For home purchasers requiring a 100% no down payment loan.

Program available in communities of less than 20,000 population. These may be rural, small communities or suburbs of larger metro areas.

This program is for purchase transactions only. No refinance allowed unless refi of existing RD loan.

Program allows for zero out of pocket purchase of a primary residence. Seller can pay all buyers closing costs and any necessary repairs. Program affords for up to 102% loan to allow the borrower to incorporate the funding fee into the loan amount.

Program can be used for new construction or purchase of a new manufactored home.

USDA Programs do not require mortgage insurance.

Although this programs allows for flexibility with previous credit issues it does have family income limitations.

There are no set loan limits. Maximum loan determined by household income.

Loans must be manually underwritten by USDA which tends to require a bit more time for approvals. Loans subject to availability of federal funding of program.