Loan Programs
The right mortgage depends on your down payment, your credit and how long you plan to stay. Every homebuyer has a different financial situation. Explore the loan programs below to learn about your options and find the right fit for your goals.
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Insured by the Federal Housing Administration. Made for buyers who can afford the payment but haven’t saved a large down payment. You can put down much less than conventional loans have traditionally asked for, and the credit rules leave room for a few bumps in your history.
Guaranteed by the Department of Veterans Affairs for people who have served. Eligible borrowers get no down payment and no monthly mortgage insurance. There’s a VA funding fee, though some borrowers are exempt.
Backed by the US Department of Agriculture, with no down payment required. To qualify, the home has to be in an eligible rural or suburban area, and your household income has to be under the limit for that county.
For loans above the conforming limit. The Federal Housing Finance Agency sets that limit each year, and it varies by county. So whether you need a jumbo depends on where you’re buying as much as what you’re paying.
For homeowners 62 and older. It turns part of your home equity into cash without selling or making monthly mortgage payments. You’re still responsible for property taxes, insurance and upkeep, and you have to keep living in the home.
The most common mortgage in the country. It isn’t insured or guaranteed by a government agency. Strong credit gets rewarded here more than with any other program, and the mortgage insurance comes off once you have enough equity.
For borrowers whose finances are solid but don’t fit the standard paperwork rules. Think self-employed borrowers, investors, and anyone whose income is real but uneven. Approval is based on bank statements or assets instead of tax returns.
A line of credit secured by the equity in your home. Borrow from it when you need to, pay interest only on what you’ve used, and keep your current first mortgage.
