|
|
|
|
 |
|
| |
| Conventional |
| Jumbo |
| Interest Only |
| ARM 3/1, 5/1, 7/1, 10/1 |
| VA Mortgage |
|
Conventional
A mortgage loan that is not insured or guaranteed by the federal government. The maximum mortgage amount for a conforming loan is $417,000.
Term: 30 years
Maximum Amount: $417,000
|
 |
Jumbo
A conventional mortgage with a loan amount greater than $417,000. Jumbo loans typically require a higher interest rate than loans less than $417,000.
Term: 30 years
Maximum Amount: $2,000,000
|
|
Interest Only
A conventional mortgage whose required monthly payment is interest only, calculated at the note rate on the outstanding principal balance. Interest only payments are allowed during the initial term of the mortgage for a period of three to ten years, with principal lump sum reductions allowed any time. Upon completion of the initial term, the principal balance is amortized (principal and interest payments) over the remaining term of the loan.
Term: 30 years
Maximum Amount: $417,000
|
|
ARM 3/1, 5/1, 7/1, 10/1
A mortgage with an interest rate and payment that changes periodically over the life of the loan based on the change in a specific index. Adjustable rate mortgages may have features that allow for the interest rate and payments to be fixed for an initial period (3 years, 5 years, 7 years, 10 years) and thereafter adjusting periodically based on the specific index.
Term: 30 years
Maximum Amount: $2,000,000
|
|
VA Mortgage
A loan guaranteed by the Veterans Administration. This loan is available to qualifying veterans of the armed forces and provides for 100% financing. The maximum 100% loan is currently $417,000.
Term: 30 years
Maximum Amount: $417,000
|
|
|
|
|
|
 |
|