This type of loan provides 97% or 100% of the purchase price or value of the property being financed. Please note that this loan covers only the purchase price or the determined value of the property being refinanced, and not other costs associated with obtaining a loan (i.e., closing costs). Typically, these loans are FHA insured loans.

Characteristically lower interest rates provide lower fixed mortgage payments for an initial period of time - some as long as 10 years.

These loans provide financing to purchase a new home before an existing home is sold. This provides the borrower with more buying power because existing mortgage payments aren't considered for qualification. Typically beneficial for borrowers who may not qualify for home financing with the high debt ratios created by two different mortgages.

Refinance your current mortgage to pay off high interest credit card or other debt and consolidate the balances into one low monthly payment.

Sometimes you might see a home you'd like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get just one mortgage loan which includes the mortgage and the cost of repairs combined. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. The advantage of this loan is that you can buy a home that needs a lot of work, but you still have only one mortgage payment, and you can complete the repairs after buying the home.

FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

FHA insures mortgages made by approved lenders to individuals and non-profit and government agencies that are approved to participate in HUD's programs; HUD does not loan money to homebuyers. FHA's mortgage programs do not typically have maximum income limits for qualifying, although you must have sufficient income to qualify for the mortgage payment and other debts. FHA does not have minimum credit score requirements, although past credit performance serves as the most useful guide in determining a borrower's attitude toward credit obligations and predicting a borrower's future actions.

VA (Veteran's Administration) guaranteed loans are made by private lenders, such as banks, savings & loans or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. If the loan is approved, the VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. There is no maximum VA loan but lenders will generally limit VA loans to $417,000. Veterans who served on active duty and were discharged under conditions other than dishonorable, during World War II and later periods are eligible for VA loan benefits.

Senior homeowners age 62 and older can use FHA-insured reverse mortgages to convert the equity in their homes into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the homes.

Relaxed qualifying parameters and lower down payment requirements assist first time buyers with their first home purchase.

When you want the security of knowing that your monthly payment will be the same each month for the life of the loan.

This type of loan assists borrowers who have fallen behind on mortgage payments and who wish to avoid foreclosure. Please note that there are specific lender requirements which are applied to borrowers on a case-by-case basis.

HELOC stands for home equity line of credit, or simply "home equity line." It is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount. 

Most HELOCs are second mortgages. An increasing number, however, are first mortgages, as yours would be if you used it to refinance your existing first mortgage.

HELOCs have a draw period, during which the borrower can use the line, and a repayment period during which it must be repaid. Draw periods are usually 5 to 10 years, during which the borrower is only required to pay interest. Repayment periods are usually 10 to 20 years, during which the borrower must make payments to principal equal to the balance at the end of the draw period divided by the number of months in the repayment period. Some HELOCs, however, require that the entire balance be repaid at the end of the draw period, so the borrower must refinance at that point.

Features mortgage amounts in excess of the conforming loan limit of $417,000 set by Fannie Mae and Freddie Mac. Also known as non-conforming loans, they typically carry higher interest rates. These mortgages are best for borrowers who need financing to purchase a more expensive property or investment-minded buyers who can aford a large purchase, but want to leverage their assets more effectively.

This type of loan is available to borrowers who have successfully discharged a bankruptcy, in some instances, one day after discharge. Please note that the final loan is dependent upon the borrower meeting standard lender requirements associated with this type of loan.