Residential Mortgage Programs
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1- Basic Mortgage Programs
These mortgage products are the most common known products and the foundation of nearly every home financing program.
Fixed Rate Mortgage
The fixed-rate mortgage has long been the most popular home financing product. With an interest rate that never changes, it provides stable, predictable monthly payments throughout the life of the loan. Your monthly payments won’t decrease if market rates go down, but you’ll have the comfort of knowing you are protected if rates go up.
Learn More... Apply for a Fixed Rate Mortgage Loan Adjustable Rate Mortgage
An adjustable-rate mortgage has a low starting rate, so your initial monthly payments on an ARM will be lower than on a fixed-rate loan for the same amount. And because the amount you can borrow is based partly on how much you can pay each month, your maximum loan amount will probably be higher with an ARM.
Learn More... Apply for an Adjustable Rate Mortgage Loan Interest-only loan
Instead of paying principal and interest on your mortgage every month, an interest-only loan lets you defer principal payments during a specified period early in the loan term. That means your monthly payments will be lower during the interest-only period.
Learn More... Apply for an Interest Only Mortgage Loan Pick-A-Payment, Also called Option ARM
One of the most creative products that doesn't require a set payment each month is the Pick-A-Payment Option ARM program. On your monthly statement you will get four payment options to choose from each month: offering a minimum payment (1), interest-only payment (2), 30-year amortized payment (3) or 15-year amortized payment (4).
Learn More... Apply for a Pick-A-Payment or an Option ARM Mortgage Loan Balloon Mortgage
A balloon mortgage has a lower rate and lower monthly payments than a fixed-rate mortgage. Like an ARM, a balloon loan can help you either save money each month or borrow more for your home purchase.
Learn More... Apply for a Balloon Mortgage Loan Home Equity Financing
As you repay your mortgage, you will gradually build up equity in your home. You can borrow against that
equity when you need cash, using either a loan or a line of credit.
Learn More... Apply for a Home Equity Mortgage Loan Home Equity Fixed Installment Loan Mortgages
It is a Fixed Rate program that is in the second lien position. Total loan amount is disbursed upfront at closing. It is perfect for a one-time financial need.
Learn More... Apply for a Home Equity Mortgage Loan 2- Fannie Mae’s Loan Programs
Flexible 97® and Flexible 100™
With a Flexible 100 mortgage, you don't need to make a down payment and can provide as little as $500 of your own money toward closing costs. With a Flexible 97 mortgage, you can pay just 3 percent of your home's purchase price toward your down payment, and this amount can come from sources such as gifts, grants, loans from relatives or nonprofit groups; or employer-assisted housing. The Flexible Fannie Mae loans are great for First Time Home Buyers.
Learn More... Apply for a Fannie Mae Flexible Mortgage Loan MyCommunity Mortgage
MyCommunity MortgageTM is a flexible mortgage product for low- and moderate-income borrowers. Great for First Time Home Buyers.
Learn More... Apply for a Fannie Mae MyCommunity Mortgage Loan 3- Government Loan Programs
Even if you don't have much cash for a down payment and/or closing costs, we have programs to help you become a homeowner. Government loan programs consist of FHA mortgages, and VA mortgages with great purchasing power since these programs allow little or No Down Payment. Great for First Time Home Buyers.
Learn More... Apply for a Government FHA or VA Mortgage Loan 4- Rural Housing Service (RHS) Programs
Rural Housing Service (RHS) was created in 1994 as a result of the Department of Agriculture Reorganization Act to meet housing and community development needs of rural America.
Learn More... Apply for a Rural Housing Service Mortgage Loan 5- Reverse Mortgages for Seniors
It used to be that if you were age 62 or older; there were only two ways to get cash out of your home. You could sell it or you could borrow against your home equity. But now, with reverse mortgages, seniors can tap into the home equity they've built up without moving or taking on extra debt.
Learn More... Apply for a Reverse Mortgage Loan
Terms and conditions apply. Some programs may not be available in all states and they may change without notice. State restrictions and limitations may apply. This is for educational purposes only. Contact your Data Mortgage loan representative for complete details.
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