FHA Loans Types. What is a 203(b) loan? it offers a low down payment, flexible qualifying guidelines, limited lender's fees, and a maximum loan amount. What is an energy efficient mortgage (EEM)? Basic guidelines for EEMs are as follows: The cost of improvements must be determined by a Home Energy Rating System or by an energy consultant. The total must fall within the FHA loan limit. What is the FHA bridal registry program? What is a Title 1 loan? Loans are limited to between $5,000 and 20,000. What other loan products or programs does the FHA offer? The FHA also insures loans for the purchase or rehabilitation of manufactured housing, condominiums, and cooperatives.
Conventional Fixed Rate Mortgages are set for a certain amount of time at a specific interest rate. Fixed rate mortgages are good for people who plan to own their home for a long period of time. Hybrid Mortgages are similar to adjustable rate mortgages, but the fixed-rate time period is usually longer. Jumbo Fixed Rate Mortgages are specifically for borrowers who are seeking a mortgage for $333,700 or greater. Bridge Mortgages are similar to relocation mortgages; you can purchase a new home prior to the sale of your existing home. You will have a larger mortgage payment because you will pay for both homes until the existing home sells. The VA's Home Loan Guarantee Program for veterans is very similar to FHA loan programs. Read previous article about home equity loans.