Loan Types Overview
The right financing depends on how you'll use the property. Each category has different requirements and rates.
Primary Residence
If Summit County will be your main home:
- Conventional: 3-20% down, competitive rates
- FHA: 3.5% down, flexible credit requirements
- VA: 0% down for eligible veterans
- USDA: 0% down in eligible rural areas
Second Home
For vacation properties you'll use personally:
- 10-25% down payment typical
- Higher credit score requirements (680+)
- Must be used personally part of year
- Slightly higher rates than primary
Investment Property
For rental-focused purchases:
- 20-30% down payment required
- Higher interest rates
- May use projected rental income
- Cash reserves required
Jumbo Loans
For properties exceeding conforming limits:
- 20%+ down payment
- Excellent credit required
- Higher documentation requirements
- Available from select lenders
Alternative Financing
- Cash purchase
- Home equity loans
- Portfolio loans
- Seller financing (rare)