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Years you plan to stay in the houseRecommended program1-33/1 ARM, 1 year ARM or 6 month ARM3-55/1 ARM 5-77/1 ARM7-1010/1 ARM, 30 year fixed or 15 year fixed10+30 year fixed or 15 year fixedLoan ProgramsAdvantagesDisadvantagesFixed Rate Mortgages30 year fixed15 year fixedMonthly 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 Mortgages10/1 ARM7/1 ARM3/1 ARM1 year ARM6 month ARM1 month ARMLower 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 Investor loans 30 year 1 loan no mortgage insurance.1 loan 1 paymentstated 100% loan  Rate is higher than owner occupied homeFirst Time Buyer Programs Lower down payment Easier to qualify Sometimes you may get lower rate 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 Investor loans  Fixed payments Interest may be tax deductible Higher interest rates than on 1st mortgages Harder to refinance your first mortgage

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If you are trying to buy your first home, 10th home or investment home;. let my years of expertise in the industry work for you. I am here for your needs and able to be reached 24/7 on my cell phone