Home loan types
Mortgage loans come in all shapes and sizes. Let’s go over the main types of housing loans provided by mortgage lenders, which vary across loan amounts, loan terms and interest rates.
Conventional Loans
A conventional loan isn't a single type of home loan, but a broad term for any home loan that isn't backed by the government.
- Refinance
- Buy a Home
- Take Cash Out
FHA Loans
FHA loans are backed by the government and a great option for borrowers with less than stellar credit. You can lock one in with a down payment as low as 3.5%.
- Buy a Home
- Refinance
- Take Cash Out
- Low Credit
- Low Down Payment
VA Loans
Service members, veterans and surviving spouses may qualify for a loan from the Department of Veteran Affairs (VA) at a competitive interest rate, often with no down payment required.
- Buy a Home
- Refinance
- Take Cash Out
- Low Credit
- Low Down Payment
Jumbo Loans
Looking at a pricey property? This home finance option can exceed federal loan limits, but it will come with stricter requirements.
- Buy a Home
- Refinance
- Take Cash Out
Fixed-Rate Loans
Fixed-rate mortgage loans offer a fixed interest rate over the life of the loan, typically with a 15-year-fixed or 30-year-fixed loan term.
- Buy a Home
- Refinance
- Take Cash Out
HELOC
A home equity line of credit is a great way to pay for ongoing needs like a series of home renovations. You can take out funds anytime up to preapproved limits.
- Take Cash Out
Home Equity Loans
Tap into the value of your home for a cash lump sum that can help with hefty one-time expenses like a new car or debt consolidation.
- Take Cash Out
HomeRun™ Mortgage
Citi's HomeRun™ Mortgage facilitates affordable homeownership with as little as 3% down, no mortgage insurance and fixed rates.
- Buy a Home
- Refinance
- Low Down Payment
Adjustable-Rate Loans
Adjustable-rate mortgage loans (ARMs) may kick off with lower initial rates. If you plan on moving in a few years, an ARM could be perfect for paying down your principal quicker with those initial savings!
- Buy a Home
- Refinance
- Take Cash Out
USDA Loans
A USDA loan offers zero-down-payment mortgages for folks looking to settle down in eligible rural areas. Learn more to see if you qualify.
- Buy a Home
- Refinance
- Low Down Payment
Home Possible® & HomeReady® Loans
Government-sponsored loans from Freddie Mac and Fannie Mae offer programs that help low-income or low-credit buyers afford a home with as little as 3% down.
- Buy a Home
- Refinance
- Low Down Payment
Questions?
Let's make figuring this out a breeze! Chat with a Citi Lending Specialist and let's tackle your goals together. Ready to chat? We can’t wait to meet you!
Home loan FAQs
Think of a mortgage as your pathway to homeownership. It is a loan that helps you buy a home without having the full purchase price in hand. You borrow money and agree to pay it back over time in the form of monthly payments, with some interest and fees included.
Read MoreBefore getting your heart set on a home, you’ll want to get pre-approved for a home loan to ensure smooth sailing once you find “the one.” This involves providing your financial information to a lender who will evaluate your creditworthiness and determine how much you can borrow.
Read MoreFHA loans, also known as Federal Housing Administration loans, are backed by the government. In contrast, conventional loans come from private mortgage lenders and usually require a higher credit score.
Read MoreA HELOC offers flexible borrowing with variable rates and monthly payments, while a Home Equity Loan provides a fixed sum and consistent payments for easier budgeting.
Read MoreEven with a lower credit score, obtaining a home loan might still be possible. An FHA loan could be a viable option as it's tailored to assist individuals with lower credit scores or limited credit histories.
Read MoreA reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name. However, unlike a traditional mortgage, with a reverse mortgage loan, borrowers don’t make monthly mortgage payments. The loan is repaid when the borrower no longer lives in the home. Interest and fees are added to the loan balance each month and the balance grows. With a reverse mortgage loan, the amount the homeowner owes to the lender goes up–not down–over time. This is because interest and fees are added to the loan balance each month. As your loan balance increases, your home equity decreases.
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