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Loan Selections Which loan is right for me?
What is a VA Loan?

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages 30 year fixed 15 year fixed	" Monthly payments are fixed over the life of the loan " Interest rate does not change " Protected if rates go up " Can refinance if rates go down	" Higher interest rate " Higher mortgage payments " Rate does not drop if interest rates improve
Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	" Lower initial monthly payment " Lower payment over a shorter period of time " Rates and payments may go down if rates improve " May qualify for higher loan amounts	" More risk " Payments may change over time " Potential for high payments if rates go up
Balloon Mortgages 7 year 5 year	" Lower initial monthly payment " Lower payment over a shorter period of time " Many balloon mortgages offer the option to convert to a new loan after the initial term.	" Risk of rates being higher at the end of the initial fixed period " Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First Time Buyer Programs	" Lower down payment " Easier to qualify " Sometimes you may get lower rates	" May be subject to income and property value limitations " Some programs which have government subsidies may have a recapture tax if you sell the house too early.
Stated Income Programs	" Don't need to verify income " Faster approval	" Higher rates " Higher down payment
No point, No fee Programs	" No closing costs " Less money required to close	" Higher rates " Higher payments
Imperfect Credit Programs	" Potential for reestablishing credit if you pay your mortgage on time. " When used for debt consolidation, you may be able to reduce your monthly debt payment	" Higher rates " Terms may not be as favorable " Harder to get long term fixed loans " Loans may have prepayment penalties
Home Equity Line of Credit	" You only borrow what you need " Pay interest only on what you borrow " Flexible access to funds " Interest may be tax deductible	" Rates can change. The maximum interest rate is normally high. " Payments can change " Harder to refinance your first mortgage
Home Equity Fixed Loan	" Fixed payments " Interest may be tax deductible	" Higher interest rates than on 1st mortgages " Harder to refinance your first mortgage

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:
" Purchase a house with 0 down
" Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.
" Debt consolidation programs
" Home Improvement loans
" Qualify even if you may have been turned down before!