types of mortgage loans for homebuyers

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Choosing the right mortgage is like finding the perfect fit for your dream home. Here’s a quick guide to some main types of mortgages:

Conventional Loan:

Ideal for those with good credit scores. Get it from most lenders, use it for various property types, and enjoy flexible down payment options.

Jumbo Loan:

If you're eyeing a high-value home, this one's for you. Competitive rates, but be ready for higher credit and down payment requirements.

Government-Backed Loan:

FHA Loans: Great if you have a lower credit score and a smaller down payment.
VA Loans: Exclusively for military members, no down payment required.
USDA Loans: For those in rural areas, no credit or down payment limits, but there are some fees.

Fixed-Rate Mortgage

Keep it simple with a fixed interest rate throughout the loan. Perfect for stability and easy budgeting.

Adjustable-Rate Mortgage (ARM):

Start with a low fixed rate, but be ready for rate changes down the road. Can save you money if rates drop, but be prepared for potential higher payments.