1. Fixed-Rate Mortgage (FRM):

• Description: Offers a constant interest rate and monthly payments that remain the same for the life of the loan.

• Best For: Borrowers who prefer predictable payments and plan to stay in their home for a long time. Learn more.

2. Adjustable-Rate Mortgage (ARM):

• Description: Has an interest rate that may change periodically based on changes in a corresponding financial index.

• Best For: Borrowers who plan to move or refinance before the rate adjusts, or who expect their income to rise. Learn more.

3. Federal Housing Administration (FHA) Loan:

• Description: Insured by the FHA, this loan allows for lower down payments and is easier to qualify for than conventional loans.

• Best For: First-time homebuyers or those with lower credit scores or smaller down payments. Learn more.

4. Veterans Affairs (VA) Loan:

• Description: Guaranteed by the Department of Veterans Affairs, offering benefits like no down payment and no private mortgage insurance (PMI).

• Best For: Eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. Learn more.

5. United States Department of Agriculture (USDA) Loan:

• Description: Aimed at rural property buyers, offering low-interest rates and no down payments.

• Best For: Borrowers purchasing in rural areas and who meet income eligibility.

6. Jumbo Loan:

• Description: A mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency.

• Best For: Buyers purchasing a high-value property and who have excellent credit and substantial down payments. Learn more.

7. Interest-Only Mortgage:

• Description: Allows borrowers to pay only the interest on the loan for a set period, after which they pay both interest and principal.

• Best For: Those with irregular income or who plan to sell or refinance before the interest-only period ends.

8. Non-QM Loans

• Description: A Non-Qualified Mortgage (Non-QM) loan is a type of home financing that doesn't adhere to the standard federal guidelines required for Qualified Mortgages (QMs). Non-QM loans offer flexibility for borrowers who may not have traditional income sources or meet typical debt-to-income ratios.

• Best For: They are often used by self-employed individuals, those with variable income, or borrowers with unique financial situations. While offering greater accessibility, Non-QM loans typically carry higher interest rates and may present a higher level of risk compared to standard mortgage products. Learn more.