Types of mortgage loans in 2024

Today we will learn about different types of mortgage loans. In this blog, You will read about how many types of mortgage loans in 2024. This blog will help you in choosing the best mortgage loans.

Types of mortgage loans in 2024

1. Jumbo Mortgage

If you want to take Jumbo Mortgage Loan then you can avail this loan on high priced houses. The minimum price for Jumbo Mortgage Loans in the country in 2024 is $766,550. The minimum price in Guam, Hawaii, Alaska and US Virgin Islands is $1,149,825.

To avail of this loan, it would be better if your credit score is 700 plus or more. Generally, this lender would like to get 10 or 20% advance payment from the applicants.

2. VA loan

You can take this loan even if you have zero down payment.

These loans are provided by private lenders and are administered through a program of the U.S. Department of Veterans Affairs program that is provided to government employees and their families.

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3. Adjustable rate mortgage

There are some conditions in this loan that are different in the first year and different after that. This loan is for those who can afford higher interest rates. After all, this loan is not suitable for those people who want to take home loans at low interest rates.

4. USDA loans

This loan is provided to farmers and the tenure of this loan can be 30 years or more than 30 years. This loan is provided to farmers at low-interest rates by government-approved lenders.

5. FHA loan

This type of loan is made by the Federal Government and this loan is useful for those who want to invest in work. This loan can be the best option for people who are buying a house for the first time. This can be a useful loan for people with low credit scores.

If your credit score is between ₹500 or ₹580 then you can avail this loan by paying only 10% down payment.

6.Conventional loans

It is available through or guaranteed by a private lender or the two government-sponsored enterprises (GSEs): Fannie Mae and Freddie Mac. The interest rate on Conventional loans can be fixed or variable.

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