An FHA loan, or Federal Housing Administration loan, is a government-backed mortgage designed to make homeownership more accessible, especially for first-time buyers. Established in the 1930s, the FHA aims to promote homeownership by insuring loans made by...

The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed rate mortgages are available for 30...

Conventional loans are secured by government sponsored entities such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes, single family to four family homes. The Conforming Loan Limits are published annually by the Federal...

These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing...

The GPM is another alternative to the conventional adjustable rate mortgage, and is making a comeback as borrowers and mortgage companies seek alternatives to assist in qualify for home financing. Unlike an ARM, GPMs have a fixed note rate and payment schedule. With a...