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First 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.
|
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|
Stated Income Programs |
- Don't need to verify
income
- Faster approval
|
- Higher rates
- Higher down payment
|
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No point, No fee Programs |
- No closing costs
- Less money required
to close
|
- Higher rates
- Higher payments
|
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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
|
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|
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
|
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Home Equity Fixed Loan |
- Fixed payments
- Interest may be tax
deductible
|
- Higher interest rates
than on 1st mortgages
- Harder to refinance
your first mortgage
|
