•  30 Yr Fixed
• 15 Yr Fixed
• FHA 1 Yr ARM

• Up to 97.75% financing
• Seller can pay all costs up to 6%
• Lower mortgage insurance payment
• 100% "gift" allowed
• Interest rate can be fixed or adjustable
• "Non Owner Occupied" Co-borrower allowed
• FHA ARM has low margin
• FHA ARM has low adjustment caps

• Mortgage limits based on county
• Full qualified loan documents

VA

•  30 Yr Fixed
• 15 Yr Fixed

• No Down Payment
• No monthly mortgage insurance
• Higher loan amounts
• Low rates

• Borrower must be a veteran   

Conventional Fixed Rate 

• 30 Yr Fixed
• 15 Yr 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

• 10/1 ARM
• 7/1 ARM
• 5/1 ARM
• 3/1 ARM
• 1 year ARM
• 6 month ARM
• 1 month ARM
• Option ARM

• Lower initial monthly payment
• Rates and payments may go down if rates improve
• May qualify for higher loan amounts
• 30 year term, no balloon payment

• "Low Payment Rate"
• Interest rate can be fixed or adjustable
• 4 payment options       

• More risk
• Payments may change over time
• Potential for higher payments if rates increase

•  Possible negative amoritization
• Possible recast of payment options  

• 7 year
• 5 year

• Lower initial monthly payment
• Lower payment for a predetermined 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, refinance, or exercise the conversion option
• Balloon payment requires you to sell or refinance after the term, as opposed to a 7/1 or 5/1 program with a 30 year term

• Lower down payment
• Easier to qualify
• Lower rates may be available

• Some government subsidized programs may generate a recapture tax if you sell the house too soon

• Don't need to verify income
• Faster approval
• Good for borrowers who may not qualify with a full income documentation program

• Higher rates
• Higher down payment

• You have several payment options
• Lower monthly payments
• Option to pay the full normal payment
• Interest only payments for up to ten years

• Higher rates
• Principal loan balance will not decrease during the interest only payment period
• Payment will be higher for the remaining term

• No loan costs 
• Closing costs are paid from the lender rebate
• Less money required to close
• Refinance without increasing your loan amount

• Higher rates
• Higher payments
• Some lenders may have a short payoff penalty which is usually charged to the loan broker, but may be passed on to you
• Some require a prepayment penalty for the first one to five years

• 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
• Loans may have prepayment penalties

• You only borrow what you need
• Pay interest only on what you borrow
• Flexible access to funds
• Interest may be tax deductible
• May be free of closing costs
• A good source for an emergency fund, if set up in advance
• Can be used for debt consolidation and lower payments
• Rates are usually lower than consumer loan or credit card rates

• Rates can change. The maximum interest rate can be relatively high
• Payments can change

• Fixed payments
• Interest may be tax deductible
• Get cash out for any purpose
• Lower closing costs than mortgage refinance

• Higher interest rates compared to first mortgage
• Harder to refinance your first mortgage
• Interest is paid on the entire loan amount, compared to an equity line of credit