There are thousands types of loans mortgage programs or packages available in the market. Before simply get one for your self, it's better to learn more about loan types.
Generally, mortgage loans can be classified into 2 main groups. They are government loans and conventional loans, and with 2 main options which are fixed rate and adjustable rate. I will share some government loan types at this page.
Some Loan Types Offer By U.S. Government
1) FHA Loans - Operating by The Federal Housing Administration (FHA), it is part of the U.S. Dept. of Housing and Urban Development(HUD). It's easier to be qualify and require low down payment, but there is a statutory limit of the loan which can not exceed.
2) VA Loans - These loans are guaranteed by U.S. Dept of Veterans Affairs. In fact, they don't lending loans, but they are approving the VA Loans to veterans and service persons. To help them to obtain homes, the interest is lower than conventional loan and have longer period of repayment. The limit of the loan is $203,000.
3) RHS loan programs - The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with extremely low closing costs and down payment is not required.
4) State and Local Housing programs - Many states and cities provide loan with low interest rate for 1st time home buyer. The upfront fees is very low and provided with loan assistance programs to peoples living in the state and city. Most of the loan types are fixed rate loan, the interest is much lower than conventional loan.
For more conventional loans, please check out
Conventional Loans instead of Loans Mortgage
Home Loan Guide for more home loan information.
Return to Loan-God Home Page
Return to top of the page