Buy a Home Online
Conventional: Depending on the loan program and your qualifications, conventional loans may include low down payments, high-balance financing and financing for certain manufactured homes. Down payment, credit, income and other requirements vary based on the loan program, property and your financial profile.
FHA: FHA loans are government-backed mortgages that can provide more flexible credit and down payment requirements than some conventional loans. Qualified buyers may be able to purchase with a relatively low down payment. Your eligibility depends on FHA requirements as well as your credit, income, debts and the property you want to finance.
Jumbo: Jumbo loans finance amounts above the applicable conforming loan limit. Because these loans involve larger balances, qualification standards can be more stringent than those for conforming mortgages. You may need stronger credit, a larger down payment, additional cash reserves or more extensive income and asset documentation.
VA: VA loans are government-backed mortgages available to eligible veterans, active-duty service members and certain surviving spouses. Qualified borrowers can purchase a home with no down payment in many cases. Eligibility depends on VA requirements, available entitlement, the property and your overall financial profile.
USDA: USDA loans provide government-backed financing for eligible buyers purchasing homes in qualifying rural areas. Qualified borrowers can finance a home with no down payment. Income limits, property eligibility, credit approval and other USDA requirements apply.
ARM: Adjustable-rate mortgages, or ARMs, feature a rate that changes after an introductory fixed-rate period. That can mean lower initial payments and flexible terms.
Non-QM: Non-QM loans provide financing options for borrowers whose income, assets or financial circumstances do not fit the standard requirements for conventional or government-backed mortgages. Depending on the program, qualification may use alternative documentation such as bank statements, investment-property cash flow or other methods of demonstrating the ability to repay. Available programs, down payment requirements, rates and qualification standards vary.
Refinance Your Mortgage
Rate-and-term refinance: A rate-and-term refinance replaces your current mortgage with a new loan without taking significant additional cash from your home equity. You might refinance to lower your interest rate or monthly payment, switch between an adjustable and fixed rate or change the length of your repayment term. Whether refinancing improves your financial position depends on the new rate and term, closing costs and how long you expect to keep the loan.
FHA Streamline: If you already have an FHA-insured mortgage, an FHA Streamline refinance can provide a simplified way to refinance into another FHA loan. The program can require less documentation than a standard refinance and may not require a new appraisal in some cases. You must meet FHA requirements for payment history, loan seasoning and a net tangible benefit from the refinance. FHA mortgage insurance continues to apply.
VA IRRRL: The VA Interest Rate Reduction Refinance Loan, or IRRRL, is a streamlined refinancing option for homeowners with an existing VA-backed mortgage. It is generally used to lower the interest rate or move from an adjustable-rate mortgage to a fixed-rate VA loan. VA seasoning, recoupment and net tangible benefit requirements apply. Documentation, appraisal and underwriting requirements can vary, and a VA funding fee may apply unless you qualify for an exemption.
USDA Streamlined Refinance: Homeowners with eligible USDA mortgages may have access to a streamlined refinance option that reduces some of the documentation required for a traditional refinance. Depending on the USDA program and your eligibility, the refinance may involve simplified income, credit or appraisal requirements. Your existing loan, payment history, property and proposed new loan must meet applicable USDA requirements.
Access Your Home Equity
HELOC: A home equity line of credit, or HELOC, is a revolving credit line secured by your home. Instead of receiving the entire loan amount at once, you can generally borrow from the available line as needed during the draw period. HELOC rates are typically variable, which means your rate and payment can rise or fall over time. The amount you can borrow depends on your available equity, credit, combined loan-to-value ratio, property, lien position and other program requirements.
Fixed-Rate Home Equity Loan: A fixed-rate home equity loan is a second mortgage that provides your proceeds as a lump sum. You repay the balance through predictable principal-and-interest payments over a set term. Available loan amounts and terms depend on your credit, income, property, available equity, combined loan-to-value ratio, lien position and applicable program requirements.
Cash-out refinance: A cash-out refinance replaces your existing mortgage with a new, larger loan and lets you receive a portion of your home equity as cash at closing. Homeowners may use the proceeds for renovations, debt consolidation, major expenses or other financial needs. The amount you can access depends on your home value, existing mortgage balance, credit, income, property type and applicable loan-to-value limits. Because a cash-out refinance increases your mortgage balance and involves closing costs, it can also increase your monthly payment, total interest costs or the time it takes to repay your home.
Low down payment options
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