Don't know which type of loan is best for you? Find out below. Conventional Fixed Rate Loans Conventional fixed loans require a minimum of 5% down and a fairly good recent credit history. Downpayments must be from your own funds. The interest rate remains the same for the term of the loan. 15 or 30 year amortization is normal. Conventional Adjustable Rate Loans Conventional adjustable 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.
	Straight Adjustable Rate Loans A minimum of 5% down and fairly good recent credit history. The interest rate is hinged to an index plus margin. Starts very low and adjusts ?? quarterly or annually depending on loan. Good loan if neded to qualify for purchase most always lower than fixed product. May amoptize for 30 or even 40 years. FHA Loans and VA Loans Government loans often allow slightly less-than-perfect credit records. They are not restricted to firt time home buyers. If you've had a bankruptcy discharged and good credit since, you may qualify after two years. Gift downpayments are permitted. Government allowes a higher debt ratio than conventional loans. FHA loans require only 3% down and VA loans have a zero downpyament available. Non-Conforming Loans Non-conforming loans often allow imperfect credit or higher debt ratios than convetional loans. Some loans can be approved with limited documentation of income, debt, employment and assets. These loans offer modestly higher interest rates, but may allow you to buy or refinance when your credit is poor or you are self-employed. Most, but not all, require substantial downpayments. 2nd Mortgage Home Improvement or Debt Consolidation Loans If you already own your home and need extra cash, a second mortgage or debt consolidation loan may be the way to go. Offering fixed or adjsutable rates and amounts up to 125% of the value of your home, the funds can be used to pay off bills, buy a new car, take a vacation, make home improvements... anything you want. Generally, loans for all types of credit history are available. here for FREE online prequalification
[ Home | Apply | Privacy Policy | Programs ] Griffin Investment Mortgage Company 2997 Churn Creek Road P.O. Box 492446 Redding, CA 96049-2446 530-223-1768 All pages copyright Griffin Investment Mortgage Company 2000