If you haven’t bought a home in recent years, or if you’ve never had a mortgage, you may be surprised at the number of options available. A couple of decades ago there were basically three mortgage types available to a homebuyer: a fixed-rate conventional mortgage, an FHA loan or a VA loan. Not anymore.
In addition to those loans, there’s a plethora of new programs, each with features that are tailored to a certain type of buyer’s specific needs. We’ve put together this brief description of the types available so that you can get a feel for what’s out there. Please note, there will be some overlap in the types we’ve described. For instance, a jumbo loan will also be either a fixed-rate or adjustable-rate mortgage. Fortsätt läsa ”Are there more mortgage types now than there used to be?”