Your Loan for Your Type
Plan to own your home for own your home for a long time?
Conventional Fixed Rate Mortgage may be the right choice for you. With a set interest rate, your mortgage payment will stay the same throughout the entire length of the loan period. However, these types of loans often have a prepayment penalty and are not assumable.
Do you only want to stay in your home during the fixed rate period?
Conventional Adjustable Rate Mortgages are similar to Conventional Fixed Rate Mortgages but the difference is that with an adjustable rate mortgage, the interest rate is only fixed for the first couple of years (usually 3-5) and after that the rate will rise, along with your mortgage payment.
Do you plan to eventually buy a different home?
If you plan to stay in your home for a long time but plan to move later a Hybrid Mortgage may be what you're looking for. Hybrid mortgages usually have a longer fixed rate period than Conventional Adjustable Rate Mortgages, followed by an increased rate and larger mortgage payments.
Are you a Big Spender?
A Jumbo Fixed Rate Mortgage is designed for those who want a mortgage for at least $333,700. These mortgages generally have higher interest rates (as compared to a conventional loan) and are specifically made for large mortgages. These rates are also set for the entire span of the loan period.
Expecting more money to come your way but don't quite have the funds now?
No worries, there's a loan for you too! Balloon mortgages let you pay a small amount at the beginning of the loan period and when you have enough, you can pay the rest off completely.
Are you in the process of selling your home but need to move to a different one?
Try a Relocation Loan; this will help you find a loan while your old house is on the market.
Do you have your eye on another home but are still waiting for yours to sell?
Bridge Mortgages let you purchase a new home before your current home sells. This makes for a larger mortgage payment while your existing house is still on the market but at least someone else won't snatch up your dream home!
Are you Self-Employed?
Don't worry there is a loan for you too! Self-Employed Income Mortgages allow you to apply for a mortgage even though you may have difficulty showing proof of a steady income
Are you a Veteran?
You may be able to get a loan through the FHA to buy a new home or make energy-efficient improvements on your home.
Equity Loan
This type of loan allows you to get a loan that takes the existing equity percentage of your home into account to adjust your rate.
Return back to the FHA Mortgage Center home or the FHA Lending Guide.