An FHA loan is backed by the Federal Housing Administration; they are available for various terms with both fixed and adjustable rates
Cannot exceed FHA statutory loan limits
Save time and money by refinancing your FHA mortgage with a streamline loan.
Available to homeowners looking to refinance their primary residence.
This loan is exclusively for Veterans to purchase or refinance homes; VA loans generally offer easy qualifying and minimal or zero down payment
Guaranteed by the US Department of Veterans Affairs (VA)
VA Streamline loans allow Veterans to refinance quickly, often with no appraisal and no credit check
Also referred to as an IRRRL (Interest Rate Reduction Refinancing Loan)
Designed to help low to moderate income individuals and families in small towns and rural areas achieve home ownership
Applicant must be qualified
Fixed rate mortgages lock in the interest rate for the term of the loan; typically the shorter the term, the lower the rate
If Interest rates go up, your payments remain the same
These loans offer lower initial payments, after that, mortgage payments are periodically adjusted - usually annually - based on market indexes
Mortgage holders protected with interest rate ceiling which can be reset annually
These loans exceed the statutory limits placed by Fannie Mae and Freddy Mac, used for larger purchases
Rates are typically higher
A combination of both fixed rate and adjustable rate mortgages; interest rates are fixed for a predetermined period, then become adjustable
Good for fixing your budget for the first few years
