Fixed Rate Mortgages
- Consistent monthly payments
- Loan terms from 10 to 30 years
- Best if you plan to own the property for awhile
- Interest rate doesn't change over the loan term
- Available for home purchase or refinance
Variable Rate Mortgages
- Initially offers a lower interest rate and payment
- Rate resets at a predetermined time, which means the new rate can be higher or lower (depending on market conditions)
- Loan terms from 10 to 30 years
- Best if you plan to live in the home for a short time period, want an initial lower payment, or anticipate a lower interest rate environment
- Available for home purchase or refinance
If you want to refinance or purchase a home using a low down-payment, an FHA Loan may be best for you.
- Government loan program with more flexible qualification criteria
- Low Down Payment
- Gifts for down payment allowed
- Fixed and adjustable rate options
- Loan terms from 10 to 30 years
- No income limits
- 1 - 4 unit properties
- Non-occupied co-borrowers allowed with certain criteria
USDA Rural Home Loans for single-family homes include:
- No down payment
- Gifts for down payment are allowed
- Fixed interest rate
- Lower than market interest rate
- Flexible loan terms
- Flexible credit guidelines
- Single Family Only
Active-duty personnel, reservists, veterans, and surviving spouses often qualify for VA loans with:
- Little to no down payment
- Gifts for down payment allowed
- Competitive mortgage rates, even if you don't have a perfect credit score
- Fixed and adjustable-rate options
- No monthly mortgage insurance premiums or PMI
- Closing costs capped at 3% (sometimes covered by the seller)
- Also, the funding fee can be waived if you are an eligible disabled veteran
- Flexible repayment terms
- Purchase or refinance
- No prepayment penalties
- No income limit
- 1 - 4-unit properties allowed
- Check your eligibility
Construction Loans
- Short-term loans used to pay for building costs, like
- Materials
- Land
- Labor
- Permits
- Fixed and variable-rates available
- Flexible repayment terms
- Jumbo loan amounts available
Rehabilitation Loans
- Finance home renovations, repairs, or remodeling
- Buy a home that needs significant repairs or updates
- Some programs offer little to no downpayment options
- Fixed and variable-rate loans available
- Flexible repayment terms
- Jumbo loan amounts available
Jumbo mortgages are available for:
- Primary residence
- Second or vacation homes
- Investment properties
- Variety of repayment terms
- Fixed and adjustable-rates available
Due to the nature of a jumbo loan, they will sometimes:
- Have a higher interest rate than a conventional mortgage
- Include stricter underwriting rules
- Require a larger down payment