Mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

Mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment.

If you're looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.

The maximum amount for a conforming loan is $647,200 in most counties, as determined by the FHFA. Homes that exceed the local conforming loan limit require a jumbo loan.

The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan's term and adjust based on current market conditions. 

A mortgage is called “Interest Only” when its monthly payment does not include the repayment of principal for a certain period of time after which the loan fully amortizes.

A graduated payment mortgage is when the payment increases each year for a set amount of time then becomes fixed for the remaining duration of the loan.