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Don't know which type of mortgage loan is best for you? 
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bullet Conventional Fixed Rate Loans
Conventional fixed loans require a minimum of 5% down and a fairly good recent credit history.  Down payments must be from your own funds.  The interest rate remains the same for the term of the loan.
 
bullet Conventional Adjustable Rate Loans
Conventional adjustable rate loans also require a minimum of 5% down and a fairly good recent credit history.  The interest rate remains fixed for the first 1, 3, 5, 7 or 10 years.  The rate will adjust with the market after the initial fixed rate period according to the terms established when you close.  A low initial rate may help you qualify for a larger loan.
 
bullet FHA Loans & VA Loans
Government loans often allow slightly less-than-perfect credit records.  They are not restricted to first time home buyers.  If you've had a bankruptcy discharged and good credit since, you may qualify after two years. Gift down payments are permitted.  Government loans allow a higher debt ratio than conventional loans.  FHA loans require only 3% down and can be fixed or adjustable rate loans. VA loans have a zero down payment and are fixed rate only. 
 
bullet Non-Conforming Loans
Non-conforming loans often allow imperfect credit and higher debt than conventional loans.  Some loans can be approved with limited documentation of income, debt, employment and assets.  These loans offer substantially higher interest rates, but may allow you to buy a home when your credit is poor or you are self-employed.  Most, but not all, require substantial down payments.
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 Last modified:  09/17/2009
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