There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...
A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in...
These loans offer more flexibility and are perfect for borrowers with unique financial situations, such as self-employed individuals, investors, or those with unconventional income.
A Debt Service Coverage Ratio (DSCR) loan is a type of non-qualified mortgage (non-QM) primarily used by real estate investors to finance investment properties, such as rental properties.
ITIN loans are mortgage loans designed for individuals who do not have a Social Security Number (SSN) but instead have an Individual Taxpayer Identification Number (ITIN). These loans are commonly used by non-U.S. citizens.
Non-QM Bank Statement Loans are a fantastic option for self-employed individuals, freelancers, and borrowers with non-traditional income sources. If you've struggled to qualify for a mortgage due to inconsistent or unconventional income, this loan offers a solution by using bank statements instead of tax returns to verify your income.
A Construction-to-Permanent loan is a specialized mortgage that allows you to build your dream home and then seamlessly transition into a permanent mortgage. This type of financing combines both the construction loan and the long-term mortgage into a single loan, eliminating the need to apply for multiple loans throughout the building process.
If you're looking to purchase a fixer-upper or need funds to repair or renovate your current home, a rehabilitation loan might be the perfect solution. These specialized loans are designed to help you finance the cost of home improvements along with the purchase of the property, making it easier to transform a property into your dream home.
USDA loans—backed by the U.S. Department of Agriculture—are designed to help low- to moderate-income buyers achieve homeownership in eligible rural areas. With zero down, reduced mortgage insurance, and low interest rates, a USDA loan could be your key to affordable living outside city limits.
A reverse mortgage is a special loan for homeowners aged 62 or older. It lets you turn some of the equity (value) in your home into cash without having to move or make monthly payments. Instead of paying the bank each month like a regular mortgage, the bank pays you. The loan is repaid later, when you sell the house, move out, or pass away.
An Adjustable-Rate Mortgage (ARM) is a home loan where the interest rate is initially fixed for a set period but then changes periodically based on market conditions.
A Hybrid Adjustable Rate Mortgage (Hybrid ARM) starts with a fixed interest rate for a set period (usually 3, 5, 7, or 10 years). After the fixed period, the rate adjusts periodically based on market conditions. These loans blend the predictability of a fixed-rate mortgage with the flexibility of an adjustable-rate mortgage, offering lower initial rates but with the potential for future rate changes.
A Texas Veteran Loan typically refers to home loan programs offered through the Texas Veterans Land Board (VLB) to help eligible Texas veterans purchase homes, land, or make home improvements. These programs are distinct from the federal VA loan program and are only available to qualified veterans, military members, and certain surviving spouses in Texas.
Investor mortgage loans are specifically designed for individuals or businesses who want to purchase, refinance, or cash out on investment properties. Whether you’re buying single-family homes, multi-family units, or commercial properties, these loans give you the flexibility to grow your investment portfolio and create passive income.
