Type Mortgage Loan

FHA loan: Since this type of mortgage loan is backed by the federal housing authority, you can have a lower down payment and will have lower closing costs. Your credit score can be as low as 500 if you have 10 percent to put down. To get FHA’s max financing you need a score of at least 580 and 3.5 percent down.

Mortgages | USAGov – mortgage refinancing. refinancing your mortgage allows you to pay off your existing mortgage and take out a new mortgage on new terms. You may want to refinance your mortgage to take advantage of lower interest rates, to change your type of mortgage, or for other reasons.

A fixed-rate mortgage (sometimes called a "plain vanilla" mortgage) is one that has a set (or fixed) rate of interest for the entire loan term. It’s the traditional loan used to finance a home.

A reverse mortgage is a loan secured by your home. This type of loan allows borrowers to access a portion of their equity – tax-free – without having to make monthly loan payments.

Mortgage Loan Types Mortgage Programs & Loan Options. Whether you’re buying your first home, moving up or downsizing, knowledge is power when making important financial decisions.. mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank, and loans are made by SunTrust Bank.

VA Loan. Best mortgage for Veterans. If you’re an eligible Veteran then there is no question a VA loan is the best type of mortgage. VA loans have a wealth of benefits, including no down payment, no mortgage insurance, and low closing costs. This is the cheapest loan type available. In order to qualify you must have a VA certificate of.

Loan Servicing | WHEDA – Loan Servicing. eWHEDA. If you are one of WHEDA's business partners, including lenders who service WHEDA mortgage loans or developers, sign in to our.

The exact amount of the loan and interest rate varies depending on your income, debt, credit history, and a few other factors. There are many different types of loans you can borrow. Knowing your loan options will help you make better decisions about the type of loan you need to meet your goals.