Not all mortgage bankers and brokers are capable of obtaining these types of loans. Fixed Rate Mortgage This is the most typical type of Conforming Loan . The rate is fixed for the life of the loan. The most common are 30 or 15 year terms. These loans are administered and usually partially backed and insured by the government.
Jumbo loans are usually at a higher interest rate than conforming loans.
These programs are used mostly for borrowers who are Self Employed . The lender will look at your assets rather than your tax returns to determine what loan amount you qualify for. These usually require excellent credit, more equity or down payment, and carry a higher interest rate. Similar to the No Income Verification , the lender will look at your assets rather than your tax return to determine what loan amount you qualify for. These programs require excellent credit, more equity or down payment, and carry a higher interest rate.