Choosing a Loan Program
The right type of mortgage for you depends on many different factors.
Fixed Rate Mortgages
A loan program where your monthly principal and interest payments never change.
FHA Single Family Mortgage Insurance Program
Through this program, HUD’s Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a primary residence.
FHA Single Family Rehab Mortgage - Section 203(k)
A single family home rehabilitation program that finances the purchase or refinance of a house and that includes the cost of its rehabilitation through a single mortgage.
Adjustable Rate Mortgages (ARMs)
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.
Home Equity Line of Credit (HELOC)
If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates and they may provide you with certain tax advantages unavailable with other kinds of loans.
VA Loan Purposes
This article explains the types of home loans that are available to eligible veterans.
Obtaining a VA Loan
This article explains the legal requirements of obtaining a VA loan.