Conventional Loans

• Fixed-Rate Mortgage: A loan with a fixed interest rate over the entire term, typically available in 15-, 20-, or 30-year terms.
• Adjustable-Rate Mortgage (ARM): A loan with an interest rate that adjusts periodically based on market conditions, often starting with a lower rate than fixed-rate loans.
• Jumbo Loan: A type of conventional loan for homes priced above the conforming loan limit set by Fannie Mae and Freddie Mac, typically used for luxury properties.

FHA Loans

• Federal Housing Administration (FHA) Loan: A government-backed loan designed for low- to moderate-income borrowers with less stringent credit and down payment requirements. It’s ideal for first-time homebuyers.

VA Loans

• Veterans Affairs (VA) Loan: A loan backed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, and their families. VA loans often offer no down payment and favorable terms.

Non-Qualified Mortgage (Non-QM) Loans

• Non-QM Loans: Loans for borrowers who may not meet the typical qualification standards, such as self-employed individuals, investors, or those with complex financial situations. These loans often consider alternative income documentation.
• First-Time Homebuyer Loans: Loans designed specifically for first-time buyers, often with lower down payment requirements or financial assistance.

Renovation Loans

• FHA 203(k) Loan: Allows borrowers to finance both the purchase of a home and the cost of its renovation with a single mortgage.
• Fannie Mae HomeStyle Loan: Similar to the FHA 203(k), but available for all borrowers (not just first-time buyers) and often used for more extensive renovations.