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GPM allows the borrower to qualify at a lower 30 year fixed mortgage rates but requires a larger down-payment and has negative amortization.. FHA maximum loan amounts vary by state and county. The monthly principal and 30 year fixed mortgage rates on a One year ARM can fluctuate based on the index (1 year Treasury Bill), and it has a 1% annual cap and a 5% lifetime cap. On a 30 year fixed/level payment, the monthly principal and 30 year fixed mortgage rates remains the same for the life of the loan. FHA, You've heard the name before, but did you know that FHA financing is one of the most popular ways to become a homeowner or refinance an existing mortgage. Programs available are a 30 Year Fixed, a 15 year Fixed, and a One Year ARM with a 1% annual cap and a 5% lifetime cap.

VA Loans- Established in 1944, these loans are to assist eligible people on active military duty or retired status to buy primary residences. Used often by first time home buyers. The 30 year fixed is most common with the 15 year fixed popular with refinances. They are generally a little easier to qualify for than conventional loans and may require less of a down payment. They help low to moderate income families get mortgages. Types of mortgage loans : Conventional Loans- These are the most common types of first mortgages for consumers with a 5%-20% down payment and good credit. Jumbo Loans- Any loans over $252,700 are considered Jumbo Loans. Fixed Rate Mortgages- The 30 year fixed mortgage rates on these mortgage are fixed for the life of the loan. FHA Loans- Started in 1934, these are loans insured by the FHA. They usually carry a higher 30 year fixed mortgage rates and more money down than a conventional loan, at least 20%.