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Types of Loans

With tighter restrictions and lending guidelines, many of these loan programs are no longer available, or more difficult to obtain. Talk with a lender to find the right loan for you.

ADJUSTABLE RATE Adjustable rate mortgages have an interest rate that is adjusted at certain intervals based on a specific index during the life of the loan.

BALLOON PAYMENT LOAN A fixed rate loan this is amortized over 30 years but becomes due and payable at the end of a certain term. May be extended or may roll-over into another type of loan.

BUY-DOWN LOAN Buy-Down loans are fixed rate loans where the interest rate and the payment are reduced for a specific period of time by paying the interest up front to subsidize the lower payment. A fixed rate loan for first time buyers with a low down payment, usually.

FHA LOAN FHA loans are insured by the Federal Housing Administration under H.U.D. They offer a low down payment and are easier to qualify for than are Conventional loans.

FIXED RATE LOAN Fixed rate loans have one interest rate that remains constant throughout
the life of the loan.

GRADUATED PAYMENT MORTGAGE A fixed rate loan that has payments starting lower than a standard fixed rate loan, which then increases by a pre-determined amount each year
for a set number of years.

MORTGAGE CREDIT CERTIFICATE A first time homebuyer program subject to purchase price and income limits. They are limited to Alameda, Contra Costa, San Mateo and Santa Clara counties. It is actually a special tax credit and assists the buyer in qualifying for many loan programs.

NON-QUALIFYING LOAN Non-qualifying loans are pre-existing loans which can be assumed by a
buyer from the seller of a property without going through the qualifying process. The buyer pays the seller for their equity and then starts making the payments.

VA LOAN VA loans are guaranteed by the Veterans Administration. A veteran must
have served 180 days active service.

CONVENTIONAL LOAN Conventional loans are sometimes more lenient with the appraisal and
condition of the property. When you are buying a “fixer upper” you may need to use a conventional loan. Homes purchased above the FHA loan limit of $729,000 are usually financed with conventional loans.

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