Types of Loans

Fixed Rate Loan

This is the most common type of loan.  A fixed rate loan has one interest rate, and monthly principal and interest payment, for the life of the loan.

Adjustable Rate Mortgage

Adjustable rate mortgages (ARMs) have an initial rate offering that is typically lower than fixed rate alternatives.  After that initial period of time, the interest rate, and principal and interest payment, will increase or decrease according to the current market (index).  This subsequent adjustment period is typically every year after the initial adjustment.

FHA Loan

This loan is designed for home buyers who may not qualify for conventional products.  FHA loans are typically fixed rate loans that require mortgage insurance.

VA Loan

Individuals who have served in the United States Military (as well as current and surviving spouses) may qualify for a VA (Department of Veterans Affairs) loan.  VA loans are typically fixed rate and, in some cases, allow for no money down and no mortgage insurance.  A VA funding fee is typically required.


USDA Rural Development loans are designed for families in rural areas.  A down payment may not be required.   There are strict debt load rules and mortgage insurance is required.

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