Several types of mortgage loan products are available and listed below. Once you review the types, ask us for more details, so we can determine which type of program would be the best option for you.
A mortgage in which the interest rate is fixed for the term of the loan. Terms include 30, 20, 15 or 10 years.
With an Adjustable Rate Mortgage (ARM), your initial interest rate is fixed for 5, 7, 10, or 15 years. After that time your rate could increase or decrease. ARMs usually offer a lower beginning rate compared to a traditional fixed rate mortgage.
Consider an adjustable rate mortgage if:
A mortgage in which the interest rate is fixed for a predetermined period of time, like three, five, seven or 10 years. After the predetermined period of time, the loan converts to an adjustable rate mortgage (ARM) for the remaining term of the loan.
Conventional loans are not insured by any government program, and they are the most common type of mortgage. Conforming conventional loans follow the loan amount guidelines set by Federal Housing Finance Agency (FHFA). Nonconforming loans don't meet those guidelines, but are still considered conventional. Conventional loans often have higher down payment requirements than government-sponsored loans like FHA and USDA.
A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans, they are generous enough to handle moderately-priced homes almost anywhere in the country. FHA loans offer a low down payment and more flexibility than many other types of financing.
Mortgage loans available to eligible US veterans. VA guaranteed loans are made by private lenders, such as banks or mortgage companies, for the purchase of a home for a buyer’s own personal occupancy. These loans offer competitive rates and require little or no down payment.