| Loan Program | Advantages | Loan Faatures |
| 40 Year Fixed | - Afford more home
- Planning to keep the home more than 5 years
| - Lower monthly payment
- Rate lock
|
| 30 Year Fixed | - Fear of rising interest
- Planning to keep the home more than 5 years
| - Lower interest payments over the life of the loan
- Rate lock
|
| 20 Year Fixed | - Build equity faster
- Payoff loan sooner
- Planning to keep the home more than 5 years
| - Lower interest payments over the life of the loan
- Rate lock
|
| 15 Year Fixed | - Build equity faster
- Payoff loan sooner
- Planning to keep the home more than 5 years
| - Lower interest payments over the life of the loan
- Usually the lowest rate on fixed product
- Rate lock
|
| FHA Loan | - Low downpayment
- Less than perfect credit
| - Federally Insured
- Low down payment 3% min.
- No minimum credit score
- No area income limits
|
| Stated Income | - Self-employed
- Difficulty documenting income
| - No tax returns or W2 required
- No income varification required
|
| Cash-Out Refi | - Cash out without second mortgage payment
| - One mortgage
- One payment
- Rates typically lower than credit cards
|
| Fixed Period ARMs | - Purchase more home or lower payments
- Plan to sell or refi before adjustment period
| - 1,3,5,7,10 year terms available
- Lower rates
|
| Interest-Only | - Lowest possible monthly payment
- Save monthly payment keep the cash
- Afford more home by effectively changing DTI
| - Low monthly payments
- Principal payment optional
- Greater monthly cash flow
|
| HECM "Reverse" | - Most popular
- Cash, credit line, monthly income or combination options
| - Maximum limit $362,790
- Government insured
- Social security or medicare eligibility
- Loan proceeds are tax free
- No income qualifications
|
| Home Keeper | - Highly use for CO-OP properties "certain states"
- Cash, credit line, monthly income or combination options
| - Maximum limit $417,000
- Government sponsored
- Social security or medicare eligibility
- Loan Proceeds are tax free
- No income qualifications
|
| Cash Account Advantage | - Jumbo or high valued home
- Substantial home equity
| - Credit line option
- Combo option
- Cash out option
|
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