These loan types include:
– Fixed Rate Loans
– Balloon Mortgages and Pledge Asset Loans
– Jumbo / Construction Loans
– Reverse Mortgage
When you get a conventional loan, you’ll almost always have to bring a certain amount of cash to the table yourself;
For conforming loans, you’ll generally need a credit score of at least 620 to be eligible for mortgage approval, though individual lenders may require a higher score. In general, it’s best to try and keep your DTI below 36%, especially if you want to get a good rate on your mortgage.
The best loan for you depends on a variety of factors relating to your own personal financial situation. Be sure to take the time to look over your finances and credit history to determine what might make the most sense for you, and consider talking to a mortgage lender to learn more about your options.