Conforming Loans (i.e. They meet the standards of Fannie/Freddie)

• Standard (10, 15, 20, 30 year loans)
• ARMs (adjustable rate loans)--the interest rate is for a set time but then can vary after the introductory period (usually after 5-7 years)
• Renovation Loans (so you can roll the repairs into the mortgage when you buy the house)
• Special loans for low/middle-income borrowers

Non-Conforming (i.e. something about them makes the loan a little more challenging)

Borrower Issues (something unusual about the person buying the house)

• Bank Statement
• Self-Employed
• ITIN (no Social Security #)
• Bridge Loans--temporary loans to get from Point A to Point B

Investment Loans

• HELOC/HELOAN--a second loan that uses the equity in the house as the source of funds
• Interest only--monthly payments do not include paying down the principal
• DSCR--Based on the income-production of the property rather than the borrower's ability to repay
• Fix & Flip--temporary loans that usually include the funds to purchase and remodel a home in order to repair it and sell for a profit
• Non-warrantable condos--used for condominiums that do not meet the Fannie/Freddie standard, usually because investors own most of the units in the complex

Other Loans

• Jumbo--Like regular loans, but they are for houses that are more expensive than the limits set by Fannie/Freddie
• Equity Loans--These draw funds from the equity (net value) of the property. These can include HELOC (home equity line of credit), HELOAN (home equity loan), a second mortgage, or a reverse mortgage