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Financing Options

If you're planning to purchase a home, check your financing options. The number and variety of financing options may seem overwhelming at first, but most fit into these categories.

Adjustable-rate mortgage (ARM):
A loan with an interest rate that fluctuates according to the movements of a predetermined index.

Conventional mortgages are labeled as such to differentiate them from government-backed loans such as FHA or VA loans.

Farmers Home Administration (FmHA)
These government loans are available to persons of moderate or very low income in rural or
non-metropolitan areas.

FHA-insured loan
Insured by the Federal Housing Authority, these loans will insure a mortgage on a new or existing single-family house for a high percent of the property value. Downpayments are low and loans are assumable.

Fixed-rate mortgage
A loan with an interest rate and monthly payments that do not vary.

VA-guaranteed loan
Guaranteed by the Veterans Administration, these loans are available to eligible veterans to buy, refinance, construct or repair a home.

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