What Kind of Loan Can I Get?

A variety of mortgages are available. The challenge is to select the loan term that meets your needs.

Fixed Rate
Borrowers who opt for a fixed rate mortgage – the most popular type – enjoy the security of knowing their interest rate remains the same for the life of the loan.

Adjustable Rate
With an adjustable rate mortgage (ARM), the interest rate fluctuates to keep in line with shifting market rates. When interest rates go up, your monthly mortgage payments may go up as well. When interest rates go down, your monthly mortgage payments may go down.

Government Loans
To obtain these loans, you must apply through a lender which is approved to handle them.
There are two federal agencies that administer loan programs and issue loan guarantees:

The Federal Housing Administration (FHA), an agency within the U.S. Department of Housing and Urban Development (HUD). With FHA loans, you can purchase a home with a very low down payment. FHA mortgages have a maximum loan limit which varies depending on the average cost of housing in a given region.

The U.S. Department of Veterans Affairs (VA) guarantee allows qualified veterans to buy a house costing up to $417,000 with no down payment. Also, the qualification guidelines for VA loans are more flexible than those for either an FHA or a conventional loan.

Apply for a First Mortgage

How Do Mortgage Loans Work?

How Much Home Can I Afford?

Rates

Protection Plans

Home Mortgage Disclosure Act Notice