You might be familiar with the 30-year fixed-rate mortgage as you start your home-shopping journey. It's clear that it's a great product. However, not all buyers will be satisfied. There are other mortgage options available that may be more suitable for you.

To help you talk to lenders about loan options, we have compiled information on some of the most common and unusual mortgage types. Remember that your loan may be a combination or combination of the types mentioned here, such as a low down payment loan with fixed rates.

If You Are Looking To Stay For The Long-Term

Fixed-rate loans are very popular for those who plan to remain in their home for a long time because they provide stability and payment. These loans have the same interest rate throughout the repayment term. This is usually 10, 15, 20, or 30 years. The interest rate will be lower the shorter the loan term. For example, a 15 year fixed loan will have a lower rate than a 30-year fixed. Your monthly payments may fluctuate depending on the changes in property tax or insurance rates, but the interest rate remains the same. You can refinance if rates drop significantly. Fixed-rate mortgages are the best option for buyers who intend to stay in their homes for a long period.

If You Are Certain That You Will Be Moving Within A Few Years

An ARM (or "hybrid") loan product has a variable interest rate. It can fluctuate and move higher or lower depending on the benchmark rate. A 5/1 ARM loan would, for example, have a fixed interest rate for the first five years. After that, it adjusts every one year or annually. The 7/1 ARM will have a fixed rate of interest for seven years and then adjust. While rates may rise over time, they are typically lower than fixed-rate mortgages. If you are only going to be in the area for a short time, an ARM might be a good choice.

First Responders And Teachers Can Get Mortgages

HUD's Good neighbor next door program encourages homeownership for certain professionals like teachers and police officers who would like to own a home in certain communities. This program gives you a 50% discount on the purchase price. Buyers agree to live in the property for 36 consecutive months in return. Only single-family homes in revitalization areas eligible for the Good Neighbor Next Door Sales program will be available for sale. The program is open for seven days.

If You Are Buying Large Or In A Big City

A Jumbo Loan is an option for buyers who are looking to buy a luxury home. This loan allows you to borrow more than a conforming loan. For example, buyers looking to purchase homes in expensive housing markets like Boston, Los Angeles, New York City, and the Bay Area might require one. Jumbo loans will usually have more stringent requirements than conforming mortgages, such as a higher downpayment, higher credit scores, and two appraisals rather than one.

In most areas of the United States, the jumbo loan threshold for most people is $424,100. However, in high-cost areas, they start at $636,000.

If You Don't Have The Funds To Save For A Downpayment

Two 100% financing options are available for buyers who can afford their monthly mortgage payments but do not have enough money to pay a down payment.

The USDA offers zero-down mortgages to rural borrowers who meet income requirements. USDA's Rural Housing Service manages the program to "target rural residents who have a stable, low, or modest income but are unable to get adequate housing through conventional finance." The income must not exceed 115% of the adjusted county median income. This varies from one county to another.

The U.S. Department of Veterans Affairs offers VA loans. This zero-down loan program is available to military personnel and their families.

The government guarantees these programs, so banks are more likely than others to approve applicants with low incomes or savings.

You Have Some But Not Too Much To Put Down

Fannie Mae, Freddie Mac offers 3% down loans through their participating lenders. Buyers must have good credit and an income. They also need to have a minimum FICO credit score of at least 620. The loan may allow you to cancel your mortgage insurance if your home equity exceeds 20%. These products require one-on-one counseling or homebuyer education.

Borrowers can buy much faster - sometimes years sooner – if they have to pay 10%, 15%, or 20% down.

Low Credit Can Be A Problem

We all have poor credit scores. But, you may still be eligible for a Federal Housing Administration (FHA) loan. FHA provides fixed-rate and adjustable mortgages at 3.5% down through private lenders to qualified borrowers with FICO credit scores above 580.

FHA loans may be available to borrowers with FICO credit scores below 580 but above 500. However, they will need to pay more down. FHA borrowers must pay both a monthly mortgage insurance premium and an upfront mortgage premium (UMIP) in all cases.

Not to be overlooked is that USDA loans and VA loans do not require a minimum FICO credit score.

Student Debt Can Be A Problem

Fannie Mae, Freddie Mac offer "flexibilities" for certain loan products that lenders can use to help borrowers with student loans qualify for a mortgage. They also help borrowers with equity refinance use all or a part of the proceeds to repay student debts or co-signed debts.

If you are concerned that you may not be eligible due to student loan debt or if you want to help someone start over by paying off their debts, ask a lender.

If You Are Buying A Fixer-Upper

A "fixer-upper" is a home that has been renovated and can be used to help you get into homeownership. Fannie Mae's HomeStyle Renovation mortgage and FHA's203(k) mortgage are both available to those who have a desire to renovate. FHA requires 3.5% down, and Fannie Mae requires 5. FHA allows homeowners to hire a specialist to assess the feasibility of renovations and supervise the project. Fannie Mae's HomeStyle lenders also supervise the project. These loans are riskier for lenders, so you will pay a higher interest rate (typically one-eighth to one-quarter of a percentage higher than conventional mortgages). Still, you will also get the dream kitchen and extra bedroom.