Types Of Mortgages Loans

Live Smarter by knowing the types and differences. The most common mortgage loan types are Conventional, FHA, VA, and Home Possible.

An FHA loan is simply a mortgage loan that gets insured by the Federal Housing Administration, which is part of HUD. As a borrower, you would apply for one of these loans through an FHA-approved mortgage lender. So you have to meet two sets of guidelines — the FHA’s requirements as well as the.

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A conventional 97 mortgage has no upfront mortgage fees and offers the ability to cancel private mortgage insurance when the loan-to-value ratio reaches 80 percent. To qualify, you’ll need a 3 percent down payment and you’ll have to meet credit score, debt-to-income and loan amount requirements.

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An FHA Mortgage is a loan insured by the government. It can be used to purchase or refinance 1- to 4-unit properties up to $314,827 (higher amounts available in specific counties). You can choose a fixed 15-, 20-, 25- or 30-year term. Monthly mortgage insurance is required, as well as a mortgage insurance premium paid at closing.

Understanding the Different Types of Mortgages. Not all mortgages are created equal. All types of mortgages come with their own advantages and disadvantages. The important thing is working with a mortgage banker who is going to help you figure out what mortgage option is the best fit for your needs, wants and budget.

Life can be hard to predict. As you settle into your home and pay off the first few years of your mortgage, the needs and wants of your family are.

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