Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

2/1 Buy Down Mortgage
The 2/1 Buy-Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. Borrowers often refinance at the end of the second year to obtain the best long-term rates. However, keeping the loan in place even for three full years or more will keep their average interest rate in line with the original market conditions.

Negative Amortization (Neg. Am) Loan
This is a deferred-interest loan which is very powerful -- and the most misunderstood mortgage program because of its many options. Basically, the lender allows the borrower to make monthly payments that are less than the accruing interest. Therefore, if the borrower chooses to make the minimum monthly payment, the loan balance will increase by the amount of interest not paid on the loan. The power of this loan lies in the borrower's ability to choose between making the full loan payment, or the minimum payment, or any amount in between. If a borrower's income varies throughout the year (due to commissions, bonuses, etc.), the borrower can make a lower payment during the "lean times", and then make higher payments when funds are readily available.

FHA - The Federal Housing Administration insures the mortgage.  These loans usually provide a low fixed rate featuring low downpayments, low closing costs, reduced MI, and easier qualifying guidelines.

VA - VA loans are only available for veterans and active duty military personnel. The highlights of a VA loan are 100% financing, limited closing costs, no PMI, no prepayment penalty, and fixed rates. 

Rural Housing – Rural housing loans (formerly Farmers Loans) help moderate-income borrowers get affordable interest rates and easier qualifying guidelines to buy homes in an area deemed “rural.” You will be surprised at just how many towns fall into the rural category!

Reverse Mortgage --  These mortgages are designed for homeowners age 62 and older, who want to access the equity in their homes to help them stay in their homes, pay for health and medical needs,  supplement their current income, and many other uses with no monthly payment.

Construction - These loans allow you to build the home of your dreams and keep monthly payments low with an attractive rate and interest-only payments while only paying interest on the funds as they are disbursed.

FHA 203K - This loan is HUD's primary program for the rehabilitation and repair of single family properties. The borrower can get one mortgage loan to finance both the acquisition and the rehabilitation of the property.

Agency Jumbo - Only certain loan amounts in certain geographic areas are eligible for this program.  It is a temporary program which allows borrowers to achieve a lower interest rate on a traditionally "non-conforming" or "high balance" loan amount.