Loan Types

An adjustable-rate mortgage starts with one rate structure and can reset later based on its contract terms.

An assumable mortgage is a loan structure that may allow a new borrower to take over an existing mortgage instead of replacing it with a new loan.

A balloon mortgage requires a large remaining balance to be paid in one lump sum at a set point before full long-term amortization finishes.

A bridge loan is short-term financing used to bridge a timing gap between transactions, often around buying and selling homes.

A conforming loan meets the size and rule framework used for standard agency-backed mortgage eligibility.

A construction loan is a mortgage-type financing structure used to fund the building of a home rather than only the purchase of a completed property.

A conventional loan is a mortgage that is not directly backed by FHA, VA, or USDA insurance or guarantee programs.

An FHA 203(k) loan is an FHA renovation mortgage that combines property financing and approved repair costs in one structure.

An FHA loan is a mortgage made by an approved lender and insured through the Federal Housing Administration.

A fixed-rate mortgage keeps the interest rate stable for the scheduled term of the loan.

An interest-only mortgage lets the borrower pay only interest for a period before principal repayment fully begins.

A jumbo loan is a mortgage that exceeds the conforming loan limits used for standard agency-backed lending.

Common mortgage structures and programs, including fixed-rate, adjustable-rate, jumbo, conventional, FHA, VA, and USDA loans.

A non-conforming loan falls outside standard conforming limits or guidelines used in the mainstream agency-style market.

A non-QM loan is a mortgage that does not meet the Qualified Mortgage framework even though it may still be legally originated.

A piggyback loan is a second loan taken alongside the first mortgage to help finance the purchase without using a single larger first-lien loan.

A portfolio loan is a mortgage a lender keeps in its own investment portfolio instead of quickly selling into the broader secondary market.

A renovation loan is a mortgage that includes funds for approved repair or improvement work in addition to the property financing itself.

A reverse mortgage lets an eligible homeowner borrow against home equity without a standard monthly repayment pattern during occupancy.

A USDA loan is a mortgage program tied to eligible rural or qualifying areas and borrower eligibility rules.

A VA loan is a mortgage for eligible borrowers that uses a U.S. Department of Veterans Affairs guarantee structure.