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...
Conventional loans are mortgages that are not backed by the government, offering flexibility and a wide range of options for qualified borrowers.
These loans are ideal for buyers with good credit, stable income, and the ability to meet standard lending guidelines. Conventional financing can offer competitive interest rates, lower overall costs, and fewer restrictions compared to government-backed loan programs.
FHA loans are mortgages insured by the Federal Housing Administration (FHA), designed to make homeownership more accessible—especially for first-time buyers.
These loans offer low down payment options, competitive interest rates, and more flexible credit requirements compared to conventional loans. FHA financing is a great option for borrowers looking to purchase a home with less upfront cost and easier qualification guidelines.
VA loans are mortgages backed by the U.S. Department of Veterans Affairs, designed to help eligible veterans, active-duty service members, and surviving spouses achieve homeownership.
These loans offer powerful benefits, including no down payment, competitive interest rates, no private mortgage insurance (PMI), and flexible qualification guidelines. VA loans make it easier for those who have served to buy, refinance, or build a home with less out-of-pocket cost.
Non-QM (Non-Qualified Mortgage) loans are designed for borrowers who don’t meet traditional lending guidelines. These programs offer flexible options for self-employed individuals, real estate investors, and those with non-traditional income.
Instead of relying solely on tax returns, Non-QM loans can use bank statements, rental income (DSCR), or assets to help you qualify—making home financing more accessible when conventional loans aren’t a fit.
