There are many kinds of home mortgages and loans.
- Conventional
- Rural Development
- FHA - Federal Housing Administration
- VA - Veterans Administration
- MSHDA - Michigan State Housing Development Authority
- Option ARM Loans - Adjustable Rate Mortgage
- Variable Interest Rate Loans
- Fixed Interest Rate Loans
- Balloon Payment Loans
- Interest Only
To find out what kind of loan you have try the following:
- Look at your original loan documents
- Pull a credit report which may show what type of loan you have or what company services your loan. For a free credit report go to www.annualcreditreport.com
- Call the company that services your loan
- Ask a certified counselor to review your statement and have them call the company with you
If you have a government backed loan with Fanny Mae or Freddy Mac
you may qualify for special programs.