Lending

Down Payments

100

What is the down payment % for a conventional loan?

5%

200

What is the down payment % for a FHA loan?

3.5%

300

What is the down payment % for a VA loan?

0%

400

What is the down payment % for a USDA loan?

0%

500

What is the down payment % for a ARM loan?

Follows the type of loan it is tied to

Acronyms

100

What does PMI stand for?

Private Mortgage Insurance

200

What does ARM stand for?

Adjustable Rate Mortgage

300

What does FHA stand for?

Federal Housing Administration

400

What does VA stand for?

Veterans Affairs

500

What does WHEDA stand for?

Wisconsin Housing & Economic Development Authority

Who It's Best For

100

What loan is for a buyer with good credit and steady income?

Conventional

200

What loan is for a buyer that are eligible veterans?

VA

300

What loan is for a buyer who is a first time buyer or those with low credit scores?

FHA

400

What loan is for a buyer living in rural or suburban areas with moderate income?

USDA

500

What loan is for a buyer who is a first time buyer or those who haven't owned a home in the last 3 years?

WHEDA