Loan Types

Conventional options are best utilized with loans involving high equity and good credit history. However, low equity options exist given higher FICO scores.

FHA loans are insured by the Federal Housing Administration, allowing lenders to offer easier requirements regarding your equity, income and credit.

Contrary to popular belief the Veteran Affairs do not live by a "one and done" policy; and similar to FHA, most qualification requirements are very relaxed.

These no down payment loans are great options for purchasing homes in non-urban areas. 

Terms for standard seconds are typically not as favorable as first lien mortgages since they carry more risk for the lender. You can either borrower all your money at once, or have the ability to borrower additional cash via a home equity line of credit.

HECM stands for "Home Equity Conversion Mortgage" and they are great mortgage loans, not just folks who need to save money,  but also savvy investors.