Definition
A mortgage guaranteed by the Department of Veterans Affairs for eligible service members, veterans, and surviving spouses. VA loans offer zero down payment, no PMI, and typically among the most competitive rates available.
Related Loan Types Terms
A mortgage with an interest rate that changes periodically based on a market index after an initial fixed-rate period. Common structures include 5/1, 7/1, and 10/1 ARMs, where the first number is the fixed period in years and the second is how often it adjusts after that.
A mortgage not insured or guaranteed by the federal government. Conventional loans typically require a minimum 3% down payment and a 620+ credit score, and follow guidelines set by Fannie Mae and Freddie Mac.
A mortgage insured by the Federal Housing Administration. FHA loans allow down payments as low as 3.5% with a 580+ credit score, making them popular with first-time homebuyers and those with limited savings.
A mortgage where the interest rate stays the same for the entire loan term. Your principal and interest payment never changes, making long-term budgeting predictable regardless of what happens in the market.
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