Loan Types Overview
The right financing depends on how you'll use the property. Each category has different requirements and rates.. Learn more about Mortgage Basics.
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)