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Traditional, Fixed-Rate Mortgages:  Interest rate is set for the term of the loan and you make the same monthly payment of principal and interest for the life of the loan.

Adjustable Rate Mortgages (ARMs):  An ARM usually begins with a lower interest rate than a fixed-rate mortgage.  After the initial period, ranging from six months to seven years, the rate will adjust based on a specified index.  If the rate rises, your payment increases.  ARMs feature a lifetime cap, which limits the increase in interest rate.

Interest-Only Loans:  This mortgage allows the borrower to make smaller payments at the beginning of the loan which apply to the interest and not the principal of the loan.  With this type of loan, you can qualify for a more expensive home than with a traditional, fixed-rate mortgage where principal and interest payments are made together for the term of the loan.

Combination Mortgages:  This is a first mortgage combined with a second, smaller mortgage taken out at the same time.  Both loans add up to 100% of the price of the home.  Usually, the first mortgage is 80% of the sale price of the home with down payment and second mortgage amounts adding up to 20% of the sale price.

Jumbo Mortgages:  Jumbo loans range in price from $417,001 to $3 million.  Jumbo loans can have a fixed or adjustable rate.  Certain jumbo loans allow the borrower to make interest-only payments at the beginning of the loan term.

Teacher Loans:  This loan includes little or no down payment and flexible credit guidelines.  This is available to full and part-time educators and others working in public and private elementary and secondary schools.

FHA/VA Loans:  These mortgages are available for first-time and low-to-moderate income home buyers.  These offer easier loan qualification than conventional loans, and certain costs can be included as part of the loan amount.  Maximum loan amounts vary by state.

Down Payment Assistance Programs:  These programs are offered by local governments to provide certain borrowers with  assistance in funding down payment and closing costs.

Click here for details on a Special Investor Rehab Program