Home Loan Comparison Table

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Kukun Butterfly Conventional Fixed Rate Mortgage Conventional Adjustable Rate Mortgage Conventional Hybrid ARM FHA 203K Fixed Rate Rehabilitation Loan FHA 203K 5/1 Hybrid Rehabilitation Loan Fannie Mae HomeStyle Fixed Rate Renovation Loan Home Equity Line of Credit – HELOC Home Equity Loan Personal Unsecured Loan
Interest Rate Fixed – will not change Adjustable – will change periodically (semi-annually or annually) Fixed initially then converts to adjustable rate Fixed – will not change Fixed initially for 5 years then converts to adjustable rate Fixed – will not change Adjustable – will adjust periodically Fixed – will not change Fixed – will not change
Monthly Payments Fixed for life of loan
Full principal and interest payment monthly
Will change when interest changes
Monthly principal and interest payment
Payment fixed for initial term, and then adjusts annually
Monthly principal and interest payment
Fixed for life of loan
Full principal and interest payment monthly
Payment fixed for 5 years, and then adjusts annually
Full principal and interest payment monthly
Fixed for life of loan
Full principal and interest payment monthly
Payment changes when interest rates change
Monthly interest-only payments during draw
Fixed for life of loan
Full principal and interest payment monthly
Fixed for life of loan
Full principal and interest payment monthly
Term (length of loan) Available with
15-year,
20-year or
30-year term
30 years 30 years with initial fixed terms of 5, 7 or 10 years Available with
10-year,
15-year,
20-year or
30-year term
30 years – initial 5 years as fixed, and remaining 25 years as adjustable Available with
15-year or
30-year term
Available terms between 10 years and 30 years Available terms between 10 years and 30 years Available terms between 2 years and 7 years
Minimum & Maximum Loan Amount $50,000 to $424,100
Up to $636,150 in designated high-cost areas
$50,000 to $424,100
Up to $636,150 in designated high-cost areas
$50,000 to $424,100
Up to $636,150 in designated high-cost areas
$5,000 to $271,050
Up to $636,150 in designated high-cost areas
$5,000 to $271,050
Up to $636,150 in designated high-cost areas
$25,000 to $424,100
Up to $636,150 in designated high-cost areas
$5,000 to $500,000 $5,000 to $500,000 $2,500 to $100,000
Borrower Qualifications Requires good credit, steady documentable income, lower debt-to-income ratios, and cash reserves Requires good credit, steady documentable income, lower debt-to-income ratios, and cash reserves Requires good credit, steady documentable income, lower debt-to-income ratios, and cash reserves Allows for lower credit scores and higher debt-to-income ratios
Requires FHA mortgage insurance
Allows for lower credit scores and higher debt-to-income ratios
Requires FHA mortgage insurance
Requires average credit, steady documentable income, lower debt-to-income ratios, and cash reserves Requires good credit, good income and low debt-to-income ratios Requires good credit, good income, and low debt-to-income ratios Requires excellent credit, good income and low debt-to-income ratios
Closing Costs and Fees Moderate to high depending on loan amount and interest rate selection
Low and no fee options available
Full appraisal required
No prepayment fees or balloon payments
Moderate to high depending on loan amount and interest rate selection
Low and no fee options available
Full appraisal required
No prepayment fees or balloon payments
Moderate to high depending on loan amount and interest rate selection
Low and no fee options available
Full appraisal required
No prepayment fees or balloon payments
Low to moderate –ranging from 0.5% to 3% of loan amount
Requires mortgage insurance
Full appraisal required
No prepayment fees or balloon payments
Low to moderate –ranging from 0.5% to 3% of loan amount
Requires mortgage insurance
Full appraisal required
No prepayment fees or balloon payments
Moderate – ranging from 1% to 4% of loan amount
May require mortgage insurance on high LTV loans
Full appraisal required
No prepayment fees or balloon payments
Lower cost and fees than conventional and FHA loans
Depending on LTV, may only require limited appraisal
May have balloon payments and annual maintenance fees
Lower cost and fees than conventional and FHA loans
Depending on LTV, may only require limited appraisal
No prepayment fees or balloon payments
No fees or very low fees
No appraisal needed
May have early termination fee in first 12 months
Application, Timeframe and Availability Full application
Average 30–45 days to funding
Readily available in market
Full application
Average 30–45 days to funding
Readily available in market
Full application
Average 30–45 days to funding
Readily available in market
Full application – plus additional paperwork and project bids
Average 45–60 days to funding
Only available through FHA-approved lenders
Full application – plus additional paperwork and project bids
Average 45–60 days to funding
Only available through FHA-approved lenders
Full application – plus additional paperwork and project bids
Average 45–60 days to funding
Only available through Fannie Mae HomeStyle lenders
Limited application
30 days or less
Available through most banks and credit unions
Limited application
30 days or less
Available through most banks and credit unions
Short online application
3–5 days
Limited sources
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