Which type of mortgage loan would be the best fit loan for someone with a fixed income?

10-year. Those with a steady income, who don’t have other significant debts are the best candidates for a 10-year, fixed rate loan. Since the loan amount is shorter, the monthly payment is often higher, but to compensate, these loans are offered at competitive mortgage interest rates.

Which of these loan options is strongly recommended for first-time buyers interest only?

FHA loans are excellent for first-time homebuyers because, in addition to lower upfront loan costs and less stringent credit requirements, you can make a down payment as low as 3.5\%.

Can you get a conventional loan with 5\% down?

It is a common misconception that in order to obtain a conventional loan, you must pay a 20\% down payment, but that is not the case. In fact, you can qualify for a conventional loan by putting down as low as a 5\% down payment.

Can you get a conventional loan with 10 down?

You Can Get a Conventional Mortgage with 10\% Down A 20\% down payment is recommended, but it’s not required for getting a mortgage. Lenders can underwrite conventional, 30-year, fixed-rate loans for buyers who bring 10\% to the table, too. That’s great if you want to stick with a conventional loan.

Is Adjustable Rate good for first-time home buyers?

An adjustable-rate mortgage (ARM), for example, can be a more suitable choice for a first-time buyer; and, for a buyer who intends to move or do a home refinance within the next 10 years. ARMs offer lower mortgage rates than a fixed-rate loan and, sometimes, the savings is substantial.

How can I get a mortgage with 10\% down?

If you are able to afford a 10\% down payment, there is also an option to get an 80-10-10 loan, also known as a piggyback loan. With this type of mortgage, the borrower puts down a 10\% down payment, and the borrower receives a first and second mortgage at the same time, which funds 90\% of the price of the home.

Can you get a mortgage with 10\%?

And while the outlook is improving for those with 10 per cent deposits, there are still few mortgages available for first-time buyers with only five per cent to pay up front. There are some products on the market, but most are only open to existing borrowers looking to remortgage, or require a guarantor.