Different Types of Real Estate Home Loans

The free real estate Home Loan Request Information Form

Getting the right type of real estate home loan is an important part of the home buying process. In this section of my web site I have put together some basic information regarding the types of real estate home loans that are common in the market today.

Fixed-rate mortgages

Fixed rate mortgages are mortgages where the interest rate stays the same for the entire term of the loan. The advantage to a fixed rate mortgage is that if you lock a relatively low rate, your payment won’t go up when rates do.

Adjustable-Rate Mortgages
 
With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. The rate of the loan is based on adding points to a fixed base.

FHA real estate home loans
 
An FHA loan is a loan in the United States that is insured by the Federal Housing Administration.

VA real estate home loans
 
A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.
 
 HUD 184 Loans for Native Americans 
 
There is a special type of loan know as the HUD 184 - Indian Home Loan Guarantee Program that is available for qualified Native Americans. The loan has a lower down payment requirement than an FHA loan Also there is no monthly Mortgage Insurance Premium.
 
Low Down-Payment Loans
 
There are other types of low down-payment loan programs offered by different lenders.  One of these is the Home in Five program.

 More Information

The Consumer Financial Protection Bureau has created a Home Loan Toolkit that explains the loan process and how to shop for loans. We suggest that you read this as a starting point.