Learn about different loan types and which apply to you: VA Loans, FHA Loans, Conventional Loans, and Jumbo Loans.

FHA Mortgage Loan Rates

March 21, 2018
FHA Rates for March 21, 2018
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Other Types of Loans

There are Many Other Home Loan Options

VA Fixed Rate Loans

In 1944, President Franklin D. Roosevelt signed the Servicemen's Readjustment Act into law. This bill, which eventually became known as the GI Bill, allowed veterans to purchase homes without making a down payment. Like other fixed rate loans, the VA Fixed Rate Loan gives borrowers the option of financing their mortgage in 15, 20, 25, or 30 year terms with the interest rate remaining fixed for the life of the loan.

VA loans are guaranteed by the Department of Veterans Affairs and can be used to purchase a single family home, including a townhouse or condominium unit in a VA approved project, to build a home, and purchase and improve a home. Loans are assumable under certain conditions and do not have a prepayment penalty.

VA financing is designed to benefit veterans of the armed services, those currently in active duty or the reserves, and their spouses. In order to qualify for a VA loan veterans must be eligible as defined by the Department of Veterans Affairs. Veterans can qualify to put zero down on a loan up to $417,000. VA Fixed Rate Loans are full documentation loans. Before closing, a funding fee must be collected from the borrower and can be financed into the loan. Funding fee exemption is possible upon proper verification of disability.

VA Interest Rate Reduction Refinance

The VA Interest Rate Reduction Refinance program is only available when transferring from one VA loan to another. The terms of the refinance are similar to those of other loans carrying with it 15, 20, 25, or 30 year options on fixed rate mortgages. Loans are assumable under certain conditions without a prepayment penalty.

A VA Interest Rate Reduction Loan or a VA Refinance are two options to consider when thinking about refinancing your mortgage. The VA Rate Reduction Refinance program is only available to veterans who are refinancing their original VA mortgage utilizing their predetermined eligibility and no assumptions are allowed.

To qualify for a VA Rate Reduction Refinance your current mortgage must have been paid as agreed for the last 12 months and must be up to date. The VA does not require an appraisal, credit report, or income and employment verifications. It is possible to refinance your mortgage through this program with no out of pocket expenses. This can be done by including the cost of the refinance into the new loan or by increasing the interest rate on the new loan and allowing the lender to pay the costs.

Conventional Fixed Rate Loan

Conventional Conforming Fixed Rate Loans are fixed in 15, 20, 25, or 30 year terms with the interest rate remaining fixed for the life of the loan. These loans follow the strictest guidelines for eligibility in terms of loan amounts. They are not assumable and may not contain a prepayment penalty.*

Conventional Adjustable Rate Loan

Conventional Conforming Adjustable Rate Loans are adjustable rate loans that give you the option of 10 - 1 year, 7 - 1 year, 5 - 1 year, 3 - 1 year and 1 year rates. This Adjustable Rate Mortgage is based on a weekly average yield on United States treasuries adjusted to a constant maturity of one year and published weekly by the Federal Reserve or the 11th District Cost of Funds Index. The interest rate and payment will adjust annually after the initial fixed period of 1 year, 3 years, 5 years or 10 years on the 1/1, 3/1, 5/1 and 10/1 products respectively.*

Jumbo Fixed Rate Loan

Jumbo Fixed Rate Loans are different from other loans in that they are designed specifically to accommodate mortgage amounts in excess of $333,700. Due to their higher dollar amount Jumbo loans generally carry a higher than average risk to the lender therefore interest rates may be higher. The interest rate on Jumbo Fixed Rate Loans corresponds to a 15, 20, 25, or 30 year term and the interest rate remains fixed for the life of the loan. These loans are not assumable.*

Alternative A Fixed Rate Loan

Alternative A Fixed Rate Loans are designed to help those who are in need of customized financing because of the unusual characteristics of their loan transactions. This is a fixed rate loan that carries the option of a 15 or 30 year term and the interest rate remains fixed for the life of the loan. Alternative A Fixed Rate Loans are not assumable and do not contain a prepayment penalty.*

Also Available

Some of the other types of loans available through FHA.com are balloon loans; construction to perm loans; relocation mortgages; bridge and equity loans; specialty products for lower down payments, larger properties and self-employed income; credit solution loans for credit issues; expanded ratios; alternative income sources; and down payment options.

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FHA Loan Articles and Mortgage News

FHA Home Loan Options To Consider: Refi and Reverse Mortgages

March 16, 2018 - FHA home loan options you should consider aren’t just for those seeking their first home, a starter home, or first condo unit. FHA mortgage loans are available for many steps in a borrower’s home ownership journey. Do you know what your FHA home loan options are aside from buying a new home in the suburbs?

FHA Rehab Loan Rules for Contractors

March 14, 2018 - FHA rehab loans have specific rules for using contractors and for situations where the borrower wants to do her own work. Rehab loans are complex and can requires escrow accounts, consultants, and hiring outside contractors.

FHA Loan Down Payments and Their Sources

March 12, 2018 - If you are wondering about FHA loan down payments and the rules that govern their sources, you aren’t alone. Down payment rules can seem a bit confusing on the surface, but if you remember a few basic FHA loan rules, this is an area you can understand quickly.

FHA Loan Rules for Income From Family-Owned Businesses

March 9, 2018 - FHA loan rules require the lender to verify the borrower’s employment and income. This verification process can have different requirements depending on the nature of the applicant’s job.  There are also different rules for the employees of family-owned businesses given that some family employees are not owners.

FHA New Construction Home Loans: One-Time Close

March 5, 2018 - The FHA One-Time Close Construction Mortgage allows a borrower to apply once and have a single closing date for a house built from the ground up-a great option to consider for those who don’t want to purchase already lived-in property.

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!