WHAT ARE THE DIFFERENT TYPES OF MORTGAGES?
There are a variety of different types of mortgages available, each with their own unique features and benefits. Some of the most common mortgage types include FHA mortgages, VA mortgages, USDA loans, conventional mortgages, jumbo loans, and non-QM mortgages.
FHA (Federal Housing Administration) mortgages are one of the most popular mortgage options available, as they are often easier to qualify for and offer more flexible terms than conventional loans. This type of mortgage is backed by the federal government, which means that it can be a great choice if you’re looking for more affordable financing options.
VA (Veteran Affairs) mortgages are specifically for military veterans and their families, and are designed to offer low-interest rates and flexible terms. This type of mortgage is also backed by the federal government, making it a great choice for those who may have trouble qualifying for other types of loans.
USDA (United States Department of Agriculture) mortgages are designed for buyers in rural areas who want to purchase property in eligible locations. This type of mortgage typically offers low interest rates and flexible terms, as well as other benefits like no down payment requirements.
Conventional mortgages are the most common type of loan, and are backed by private lenders rather than the federal government. As a result, these mortgages typically have stricter qualification requirements and higher interest rates than other types of loans.
Jumbo loans are large mortgage loans that exceed the maximum allowable loan amount for conventional mortgages. This type of loan is typically used by buyers who need to finance a high-priced property, or buyers who have a large down payment and don’t want to take on the additional cost of mortgage insurance.
Non-QM mortgages, or non-qualified mortgages, are designed for buyers who have unique or difficult credit situations. This type of mortgage is typically more flexible than other types of loans, and can be a great choice if you’re looking to finance a home but may not qualify for a conventional loan.
If you would like to sit down with me and review your unique situation I would love to help. Give me a call at 509-737-7161 to get an appointment scheduled.
Thanks,
Jeremy Brock NMLS 1170125
Branch Manager Cornerstone First Mortgage
509.737.7161 CELL
jeremy.brock@cfmtg.com
