Lenderful Mortgage Options
- These are fixed rate loans of any term up to 30 years
- With fixed rate loans, your monthly principal and interest payment is the same every month throughout the lifetime of the loan, since the interest rate won’t change
- May be a good choice if you’re planning to own for 10+ years
- You may be eligible with FICO scores down to 640
- 3%-20% down payment based on various conditions
- These are adjustable rate loans, where your interest rate is fixed for a term of 5, 7 or 10 years
- After the fixed rate term, your interest rate can fluctuate due to changes in the financial markets; therefore, your monthly payments will also fluctuate.
- May be a good choice if you’re planning to move or refinance in 5-10 years
- Generally includes lower initial payments
- You may be eligible with FICO scores down to 640
- These are mortgages insured by the Federal Housing Administration
- FHA loans are more accessible than other loans, since they are less strict in their qualification and credit requirements
- In some cases, credit scores as low as 580 may qualify for an FHA loan
- In addition, FHA loans can allow you to purchase a primary home with as little as 3.5% down