Conventional fixed-rate mortgage
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- The most common home financing option.
- Monthly principal and interest payments remain the same for the life of the loan, making it an attractive choice if you plan to stay in your home for many years.
- Most conventional loans require at least 5%¹ down. Remember, when putting less than 20% down, private mortgage insurance (PMI) is usually required.
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Conventional adjustable-rate mortgage (ARM)
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- Features a fixed rate and payment for the first three to 10 years based on the terms of the loan.
- Then rates fluctuate either up or down based on market conditions.
- An ARM may be a good option if you know you will be living in your home for only a few years. A down payment of at least 10%¹ is typically required.
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FHA loan
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- Government-backed mortgages with more flexible lending requirements than conventional loans.
- Down payments as little as 3.5% down.¹
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VA loan
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- Backed by the U.S. Department of Veterans Affairs (VA).
- Eligible service members or veterans can purchase a home with little or no down payment.
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Jumbo loan
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- For loan amounts over $766,550 up to $5 million.
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American Dream loan
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- Provides homebuyers the assistance they need to get over the buying threshold and into their next home.
- Assistance funds up to either $5,500 or 3% of the purchase price up to $10,000 — whichever is greater.¹
- Can be combined with other down payment assistance and grant programs.¹
- Available in 25 states.
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