40 Year Mortgage
Borrowers can lower monthly payments by increasing the standard loan term from 30 years to 40 years. This type of mortgage can also significantly increase a borrower's purchasing power by allowing him/her to qualify for a more valuable home.

Fixed-Rate Mortgage
Fixed-rate mortgages are the most common and most popular type of mortgage loans, because your interest rate is fixed for as long as you have the loan. With a standard fixed rate mortgage, your monthly payment of principal and interest does not change over the life of the loan. Your total payment can change if it includes property taxes, homeowners insurance, flood insurance, and/or mortgage insurance, which are subject to increases or decreases. The most common terms for fixed-rate mortgages include 40 years, 30 years, and 15 years.

Adjustable-Rate Mortgage
These loans generally begin with an interest rate that is significantly lower than the comparable fixed-rate mortgage, and could allow you to qualify for a more expensive home. An adjustable-rate mortgage (ARM) has an interest rate that can change during the life of the loan, with the possibility of both increases and decreases to the interest rate and the amount of the monthly mortgage payment.

Adjustable-Rate Mortgages generally remain fixed during an initial period, after which rates adjust periodically. These adjustments typically happen annually, semi-annually or monthly according to an index and a margin, each of which is specified in the related mortgage note. Rates are generally capped in terms of the size of the rate adjustment at the first change date (initial cap), subsequent change dates (periodic cap), and the maximum rate over the life of the loan (life-time cap).

FNMA Flexible 100™
The Flexible mortgage products (Flexible 97® and Flexible 100™) and Flexible mortgages with subordinate financing , are designed for borrowers who have, or choose to use, minimal funds for the down payment or closing costs associated with the purchase of their principal residences.

FNMA Expanded Approval with Timely Payment Rewards®
This is an option within Fannie Mae's automated underwriting system that allows lenders to take a more comprehensive look at borrowers' overall creditworthiness. As a result, you may be able to receive Conventional financing, even if you have been unable to do so in the past. An Expanded Approval mortgage may help you to purchase the home of your dreams at a competitive interest rate, even if you have less than perfect credit, past credit problems or minimal funds for down payment or closing costs.

The Timely Payment Rewards feature provides you with the opportunity to reduce your interest rate by up to one percent if you make timely payments on your Expanded Approval mortgage for a specified period.

FNMA My Community Mortgage™
This program is composed of a suite of Community Lending mortgage products and options designed to help low-income and moderate-income borrowers overcome the two primary barriers to home ownership, lack of funds for the down payment and sufficient income to close. My Community Mortgage products include, Community 97™, Community 100™, Community 100 Plus™, Community Solutions™ and others. To qualify for these loans, you must earn no more than 100% of the median income that the Department of HUD publishes for the property's location. (link to HUD web page referencing median income)

FNMA Interest First Mortgage™
A family of products featuring lower monthly payments combined with fixed-rate stability. The key to lower payments is that all of these products require interest-only payments during the initial phase of the loan, which can last from 3 to15 years.

Fixed rate products - The interest only period lasts for the first 10 or 15 years of the loan term. Then, in year 11 or 16, the loan converts to a fully amortizing PITI payment at the same fixed-rate.

Hybrid ARM products - Terms include 3/1, 5/1, 7/1 and 10/1, so the borrower pays interest only for the first 3 to 10 years. As the loan transitions to a one-year adjustable rate loan, the repayment of the principal begins as well.

FNMA Community Solutions™
This program is designed to provide underwriting guideline flexibility for teachers and other educational employees, police officers, firefighters and health care workers.

FHA
These loans are insured by the US Department of Housing and Urban Development (HUD). They typically require a 3% minimum down payment and have liberal underwriting guidelines. The maximum loan amount varies in certain high cost areas of the country, and can be as high as $362,790 in the Greater Washington Metropolitan Area. FHA is an excellent loan program for 1st time home buyers.

VA
Loan program guaranteed by the Veterans Administration and available to veterans of the United States military. The VA loan program allows qualified veterans to receive 100% financing. The maximum loan amount is $417,000. Seller concessions allow up to 4%, to pay for all closing costs, resulting in $0.00 out of pocket cost for most borrowers.

Jumbo
Available to borrowers purchasing properties that exceed a value of $417,000. Underwriting guidelines are consistent with those found under the FNMA program. Interest rates for these programs are slightly higher than the lowest market rates.

Stated Income
Available to borrower who cannot provide conventional proof of income through pay stubs and W2's. Borrowers can qualify for stated income programs up to 100% of the appraised value.

Investment
These loan programs allow real estate investors to purchase properties that they do not intend to occupy themselves. Borrowers can qualify for investment financing up to 95% of the appraised value.

Cash Out
Equity is the difference between what a property is worth and the amount still owed on the mortgage. Cash out refinance products allow you to tap into the equity you've built in your home and borrow additional funds to pay for home improvements, debt consolidation, educational expenses, or a major purchase. Borrowers can qualify for cash out programs up to 100% of the appraised value.

FHA Cash Out
Equity is the difference between what a property is worth and the amount still owed on the mortgage. Cash out refinance products allow you to tap into the equity you've built in your home and borrow additional funds to pay for home improvements, debt consolidation, educational expenses, or a major purchase. These loans are insured by the US Department of Housing and Urban Development (HUD). Borrowers can qualify for FHA cash out financing up to 95% of the appraised value. The maximum loan amount varies in certain high cost areas of the country, and can be as high as $362,790 in the Greater Washington Metropolitan Area.

Streamline
Available for borrowers whose existing mortgage was financed by FHA or FNMA. Borrowers provide reduced documentation and qualify to lower their monthly principal and interest payments at a minimal cost.

Rate and Term
The most common reason for refinancing is to lower the mortgage interest rate and the monthly payment. Refinancing to a lower rate loan may save you a significant amount in interest costs not only each month, but also over the life of the loan. A refinance transaction involves repayment of an existing real estate debt from the proceeds of a new mortgage.