Conventional
- Lower interest rates.
- Fewer penalties and fees.
- Second home purchase options.
Best if you have good credit and a larger down payment to possibly receive lower rates with more flexible terms.
Jumbo Mortgage
- Purchase a more expensive property.
- Variety of terms available.
Best if you purchase a property above the conforming loan limits ($453,100 in most areas).
VA Loan
- Low to no down payment.
- Low income and credit requirements.
- No mortgage insurance.
Best if you are active-duty military, a veteran or military spouse.
*Appraised property value may affect loan amount.