Conventional mortgages are available through private lenders like banks, credit unions and mortgage companies like JFK.

However, some Conventionals can be guaranteed by two government-sponsored enterprises.

These are Fannie Mae and Freddie Mac.

FHA loans are designed for low- to moderate-income borrowers.

FHA loans are designed for low- to moderate-income borrowers.

They require a lower minimum down payment and lower credit scores than many conventional loans do.

Because of their many benefits, FHA loans are popular with first-time homebuyers.

The IRRRL is a VA-to-VA-loan process, designed to allow homeowners who already hold VA loans to refinance their debt at a lower interest rate, shorten their loan term, or to convert an adjustable-rate mortgage (ARM) into a fixed-rate mortgage.

No minimum income is required, nor is there any restriction on how much income a borrower can make to be eligible.

Unlike other federal loans, no monthly mortgage insurance is required on an IRRRL.

When a borrower refinances a loan, they seek to make favorable changes to their interest rate, payment schedule, and/or other terms outlined in their contract.

If approved, the borrower gets a new contract that takes the place of the original agreement.

Borrowers often choose to refinance when the interest-rate environment changes substantially, causing potential savings on debt payments from a new agreement.

With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to nothing down.

Additionally, VA loans do not require private mortgage insurance and generally get a competitive interest rate.

VA loans are available to active and veteran service personnel and their surviving spouses.

Eligible borrowers can use a VA loan to purchase or build a home, improve and repair a home, or refinance a mortgage.

It is intended to give consumers an easier way to obtain mortgage refinancing from a participating lender.

In order to qualify, a homeowner must currently have an FHA-insured mortgage and cannot be delinquent on the payments.

The program offers a lower-hassle way to refinance the mortgage, including not requiring an appraisal.

There are more than 2,000 of these programs nationwide. State, county, and city governments run many of them.

DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify.

Most DPA programs are offered at the local level. And eligibility requirements vary from one program to the next.

Types of DPAs: Grants, Loans, Deferred Loans and Forgivable Loans.

If you are self-employed or don’t have all the necessary documentation to qualify for a traditional mortgage, you might need to look at non-qualified mortgages.

To qualify for a traditional mortgage, you must meet requirements of Income, Debt, Fee Limits, Limited Risk and Loan Term. If you can’t, perhaps a Non-QM is the solution.

Non-qualified mortgages are not backed by government agencies like FHA, VA, Fannie Mae, and Freddie Mac.

A non-QM is a good idea when you have the income to make regular, on-time mortgage payments, but cannot get a qualifying mortgage.

The fixed-rate option comes in when you can convert all or some of the money you borrowed on the HELOC to a fixed interest rate.

The borrower then pays back that amount over a set number of years.

However, different lenders may have different rules about how you can use it.

Your lender may require that you borrow a minimum amount if you want to lock in a fixed rate.