LOAN TYPE: AGENCY (FHA, VA, USDA)
POSITION: 1ST
RATE TYPE: FIXED
PAYMENT TYPE: AMORTIZING
LOAN LIMITS: $100,000 – $484,350 or City limit (FHA/USDA)
$100,000 – $2 million (VA)
LTV Limit: 100% VA/USDA; 96.5% FHA (NO CLTV Limit for VA)
INDEX: 10-Yr Treasury
TERMS: 10, 15, 20, 25 & 30 Yrs

ADVANTAGES:
• Lower fixed rates than Conventional or Portfolio
• Simple interest payments
• No pre-payment penalties
• Up to 100% LTV
• Softer qualifying ratios than Conventional
• Can exceeds county loan limits (VA)
DISADVANTAGES:
• Interest “front end loaded”
• Narrower underwriting requirements than Portfolio
• Forced lifetime MIP (FHA)
• Forced Escrows (FHA and USDA)
• Funding Fees to originate (VA, USDA)
• Lower county loan limits than Conventional (FHA)