When it comes to Boston condo home loans, there are several types geared to fit various needs. Listed below is important information about some of the most popular ones and why they might work for you.
CONVENTIONAL
- This is the most popular option, often with the best interest rates
- Your interest rate is fixed for the life of the loan
- Your monthly payments remain the same throughout the loan
ARM (Adjustable Rate Mortgage)
- Interest rates typically start out lower and are locked at a set amount for an initial period
- An interest rate cap sets a limit on how high your interest can go throughout the course of the loan
- 5% of mortgages were ARM in 2010 compared to 62% in 1984
FHA (Federal Housing Administration)
- This is a government backed loan that makes it easier for first time buyers to get a home loan
- Requires a minimum credit score of 580 to qualify for the 3.5% down payment
- 4.8 million single family FHA mortgages currently in the U.S.
VA LOAN (Veterans Affairs)
- Only available to veterans
- Set limitations of buyers closing costs
- No mortgage insurance requirement
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Updated: January 2018
