FIXED RATE

THE MOST COMMON TYPE OF MORTGAGE PROGRAM WHERE YOUR MONTHLY PAYMENTS FOR INTEREST AND PRINCIPAL NEVER CHANGE.

ADJUSTABLE RATE

THESE LOANS BEGIN WITH AN INTEREST RATE THAT IS LOWER THAN A COMPARABLE FIXED RATE MORTGAGE, BUT THE RATE CHANGES AT SPECIFIED INTERVALS.

REVERSE

A SPECIAL TYPE OF LOAN MADE TO OLDER HOMEOWNERS (TYPICALLY 62+) TO ENABLE THEM TO CONVERT THE EQUITY IN THEIR HOME TO CASH TO FINANCE OTHER NEEDS.

FHA

THE FHA LOAN IS A MORTGAGE THAT IS INSURED BY THE FEDERAL HOUSING ADMINISTRATION. BORROWERS WITH FHA LOANS PAY FOR MORTGAGE INSURANCE, WHICH PROTECTS THE LENDER FROM A LOSS IF THE BORROWER DEFAULTS ON A LOAN.

VA

VA HOME LOANS ARE PROVIDED BY PRIVATE LENDERS, SUCH AS BANKS AND MORTGAGE COMPANIES. VA MORTGAGE OPTIONS HELP SERVICE MEMBERS, VETERANS, AND ELIGIBLE SURVIVING SPOUSES.

USDA

FOR ELIGIBLE SUBURBAN AND RURAL HOME BUYERS. IT'S A 100% NO-MONEY DOWN MORTGAGE LOAN BACKED BY THE U.S. DEPARTMENT OF AGRICULTURE (USDA).