Loan program Comparison Chart                      

                                  USDA              FHA          VA        Conventional 


  Down Payment                   0%                     3.5%              0%                 5-10%

  Loan terms                     30 years                 15-30            15-30                15-30

  Interest Rates                Market                Market         Market            Market

  Mtg Insurance                 None                      Yes               None                 Yes

  Upfront MI                   2% of loan              1.5%            2.15-3.3%            N/A

  Reserves                          None                    None              None            2-6 Mo PITI

  Source of closing costs    No limit             6% seller      4% seller         3-6% seller


Call Peter Boyle 612.701.6816
NMLS License # 218261 
 Serving Minneapolis, St Paul, and Surrounding Areas.

*Summit Mortgage Corporation
*Please check with your lender for current pricing and personal mortgage analysis.
*The information in this Web site can change without notice. This is an Equal Housing Credit Lender. Equal Housing Lender 


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Summit Mortgage Corporation 13355 10th Avenue North Suite 100 Plymouth, MN 55441
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