Compare Loan Programs

The outline below will help you determine which of our loan products is best for you:
Fixed-Rate Mortgages
FHA Mortgages
VA Mortgages
Missouri Housing Development Commission (MHDC)
USDA Rural Development Loans
Adjustable Rate Mortgages
First-Time Buyer Programs
Jumbo Loan Programs
Home Equity Line of Credit
Home Equity Fixed Loan

View the Shopping For Your Home Loan - HUD-1 Settlement Cost Booklet

Fixed-Rate Mortgages back to top
30-year fixed, 15-year fixed
Advantages: Disadvantages:
  • Monthly payments are fixed over the life of the loan
  • Interest rate does not change
  • You’re protected if rates increase
  • Option to refinance if rates decrease
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates decrease

Federal Housing Administration (FHA) Mortgages back to top
>>Learn More about the Federal Housing Administration 
30-year fixed, 15-year fixed, Adjustable Rate Mortgage (ARM)
Advantages: Disadvantages:
  • Only need 3.5% down payment
  • Down payment can come in the form of a gift
  • Seller can pay up to 6% of closing costs
  • Former bankruptcy and/or less-than-perfect credit may not be a problem
  • Must purchase Mortgage Insurance (MI)
  • All outstanding judgements must be paid in advance of closing
  • May take longer to process than a conventional loan

Department of Veteran Affairs (VA) Mortgages back to top
>>Learn More about Loans for Veterans
30-year fixed, 15-year fixed, Adjustable Rate Mortgage (ARM)
Advantages: Disadvantages:
  • Up to 100% of loan amount can be financed
  • Seller can pay all closing costs and/or discount points
  • No Mortgage Insurance (MI)
  • No cash reserves necessary
  • Most loans are assumable
  • Eligibility requirements vary
  • Can only be use a limited amount of times
  • May take longer to process than a conventional loan

Missouri Housing Development Commission (MHDC) back to top
30-year fixed, Refinance Loan, Cash Assistance Loan (CAL), 
Non Cash Assistance Loan (Non CAL), 
>>Learn More about Missouri Housing Development Commission Loans
Advantages: Disadvantages:
  • Qualified first-time homebuyers are eligible to receive a forgivable grant of 4.5% for down payment and closing costs
  • Competitive interest rates available
  • FHA, VA, USDA/Rural Development, or Fannie Mae 30 year conventional mortgages may be used under the rules of this program
  • Eligibility requirements vary
  • Can only be use on qualified properties
  • Purchase price limits
  • Household income restrictions

United States Department of Agriculture (USDA)
Rural Development (RD) Loans 
back to top
>>Learn More about USDA Rural Development
30-year fixed
Advantages: Disadvantages:
  • Up to 102% of property's appraised value can be financed
  • Seller can pay all closing costs and/or discount points
  • No Mortgage Insurance (MI)
  • No Down Payment necessary
  • Available for low income applicants (below 50% of are median income)
  • Modular and "new" manufactured homes allowed
  • No Maximum Loan Amount
  • Eligibility requirements vary
  • Can only be use on qualified properties
  • Income limits for applicants

Adjustable Rate Mortgages back to top
10/1 ARM, 7/1 ARM, 3/1 ARM, 1-year ARM, 6-month ARM, 1-month ARM
View the Consumer Handbook on Adjustable-Rate Mortgages
Advantages: Disadvantages:
  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates decrease
  • May qualify for higher loan amounts
  • More risk
  • Payments may change over time
  • Potential for high payments if rates increase

First-Time Buyer Programs back to top
>>Learn More about the advantages of being a First-Time Homebuyer
Advantages: Disadvantages:
  • Lower down payment
  • Easier to qualify
  • You may get lower rates
  • May be subject to income and property value limitations
  • Some programs with government subsidies may have a recapture tax if you sell the house too early.

Jumbo Loan Programs back to top
Advantages: Disadvantages:
  • Get loans for higher loan amounts
  • Get fixed or adjustable loan terms

Home Equity Line of Credit back to top
>>Learn More about Home Equity Lines of Credit
Advantages: Disadvantages:
  • You only borrow what you need
  • Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible (ask your tax advisor)
  • Rates can change. Maximum interest rate is typically high.
  • Payments can change
  • Harder to refinance your first mortgage

Home Equity Fixed Loan back to top
>>Learn More about Home Equity Loans

Advantages: Disadvantages:
  • Fixed payments
  • Interest may be tax deductible (ask your tax advisor)
  • Higher interest rates than first mortgages
  • Harder to refinance your first mortgage

Learn more about available loan programs with Enterprise Home Loans.  

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