Compare All Loan Options
Fixed Rate Loan
Benefits
- Consistent rates and monthly payments
- Easy to understand and predict
- Great for long-term homeowners
Details
A fixed rate mortgage is a mortgage loan that has a set interest rate for the entire life of the loan. It does not fluctuate with market changes and can only be altered through a refinance.
Adjustable Rate Loan
Benefits
- Low initial rates
- Low monthly payments in the beginning, as you get used to being a homeowner
- Great for short-term homeowners
Details
An adjustable rate mortgage is a mortgage loan with a variable interest rate. The rate fluctuates over the life of the loan, typically starting out lower and rising as the market demands.
FHA Loan
Benefits
- Low down payment
- Competitive interest rates
- Higher debt-to-income ratios allowed
- Lower credit scores allowed
Details
FHA loans are government-insured loans backed by the Federal Housing Authority. They are designed for low- to moderate-income earners and typically come with the lowest down payments.
VA Loan
Benefits
- No down payment required
- No private mortgage insurance required
- Low interest rates
- 100 percent financing
Details
A VA loan is a mortgage loan that is backed by the U.S. Department of Veterans Affairs, or VA. It is available to military service members, veterans, and their immediate family members.
Jumbo Loan
Benefits
- Available in fixed and adjustable rate options
- Large loan limits
Details
A jumbo loan mortgage is any home loan that is more than the conforming limit of $726,200 according to Fannie Mae guidelines on conventional mortgages.
Rural Housing Loan
Benefits
- No down payment
- No prepayment penalties
- No limit on cash contributions
- 100 percent financing
Details
A rural housing loan, also known as a USDA loan, is backed by the U.S. Department of Agriculture and is designed to encourage homeownership in America’s more rural and remote locations. They’re ideal for low- and middle-income earners who may have difficulty obtaining other forms of financing.