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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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...
A USDA mortgage is a home loan backed by the U.S. Department of Agriculture that offers a no down payment financing option for eligible rural and suburban areas. It’s designed to help buyers with moderate incomes purchase a home with no down payment, low mortgage insurance, and competitive interest rates. It’s a great option if you want affordability and flexibility outside major city centers.
A HELOC, or Home Equity Line of Credit, lets you tap into the equity you’ve built in your home and use it whenever you need it. Think of it as a flexible safety net—you can borrow, pay it back, and borrow again without having to start a whole new loan. Many people use a HELOC for home upgrades, paying off high-interest debt, or covering bigger life expenses, and it often comes with lower rates than credit cards or personal loans.
A DSCR mortgage is a loan designed for real estate investors where the approval is based on the property’s cash flow—not your personal income. Lenders look at how much rent the property brings in compared to the mortgage payment to make sure it can support itself. It’s a popular option for investors who want a simpler, faster way to qualify without digging through personal tax returns or income documents.
A bank statement mortgage is designed for self-employed borrowers who don’t fit the traditional W-2 mold. Instead of tax returns, lenders use 12–24 months of your bank statements to calculate your real income and cash flow. It’s a great option for business owners, freelancers, and anyone whose tax write-offs make their income look smaller on paper than it actually is.
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...
