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Adjustable rate mortgages have an interest rate which is
subject to change at certain intervals, based on a specific
index, during the life of the loan.
Fixed, Adjustable, and Interest Only Loans which meet
lender's established criteria for loan approval at current
market rate.
A fixed rate loan which is amortized over 30 years, but
becomes due and payable at an earlier fixed date. Loan
may be extendable or can be rolled-over.
A fixed rate loan in which the interest rate and payment
is reduced for a specific time, or the life of the loan, by
paying the some or all of the interest at loan origination.
A fixed rate loan for first-time Buyers with a low down
payment, ususally 3-5% - with no cash reserve required
and easier qualifying ratios. But Borrower must meet
income limits, and attend a 'Home-Ownership' course.
A fixed rate loan usually more lenient with the appraisal
and condition of the property. 'Fixer Uppers' and home
loans above the FHA loan limit are normally financed
with a Conventional Loan.
Loan amount is based upon a percentage of the
borrower's equity position in real property.
A Loan insured by the Federal Housing Administration
under HUD. These loans have a low down payment, and
are easier to qualify for than a Conventional Loan.
A Fixed Rate Loan has one interest rate which remains
constant throughout the life of the loan.
A fixed rate loan which has payments starting lower than
standard fixed-rate loans, then increases each year at a
predetermined amount, for a set number of years.
Loans for investors in rental properties. Specific equity
& credit positions are required, and vary among lenders.
For borrowers who require higher loans, usually over
$500K. Mortgage Banking funds up to $45 Million
For those building a custom home. Loan criteria varies
lender to lender, on land ownership and equity positions.
Certain fees are included in construction loans, such as
voucher control and dispersal fees. After construction is
completed, the loan is re-issued as a standard mortgage.
For borrowers who do not meet loan criteria established
by the lender, and are not issued at current market rates.
A Seller's Pre-Existing loan which can be assumed by a
Buyer without going through the qualifying process.
Also called a '203K Loan' - For those buying a home
under a renovation or restoral program.
For Seniors age 62 and older, a loan against their equity.
Federally guaranteed, with no monthly payments.
Usually only available to Low-Income; Hardship; and
specific classes of buyers. (Example: Single Parents)
Provides down payment and closing cost assistance.
Benefits, Qualification, and Restrictions vary by Program.
VA Loans are guaranteed by the Veterans Administration.
Veterans must have served 180 days of active duty. | 
