A home loan for an amount that exceeds conforming loan limits established by regulation, greater than $424,100 in most of the United States.
A traditional, fixed-rate mortgage protects you from rising interest rates, a popular choice for those who plan to live in their home long-term.
The lower initial interest rate is fixed for a period of time, after which it resets periodically, often every year or even monthly.
Non-QM loans would typically be useful for borrowers with sporadic income, but a large amount of assets.
Guaranteed by the U.S. Department of Veterans Affairs, it's designed to offer long-term financing to eligible American veterans or their surviving spouses.
Insured by the Federal Housing Administration, FHA loan is designed for low-to-moderate income borrowers with down payment as low as 3.5%.
A USDA home loan is a zero down payment mortgage for eligible rural and suburban home buyers, issued by the US Department of Agriculture.
HARP is a federal program to help underwater and near-underwater homeowners refinance their mortgages.