↑ Return to For Buyers

Mortgage Types and Guidelines

Types of Mortgages

There are three basic types of mortgage loans.

  1. Conventional
  2. Government
  3. Portfolio

Each type of loan has different sub-groups and multiple options or terms. 

The goal of this material is not to make you a loan officer or underwriter, but rather help you understand the basics so your odds of successfully arranging financing are increased.  The Underwriting Guidelines are different for each type of mortgage.

The links above to the different types of mortgages will hit on the highlights and give a peak at how the lender looks at a loan application for each category. 

We are only going to cover the basics, if you have a specific question shoot an email to JSimms@cmcloans.com  

Conventional Mortgages

The different types of mortgages all have different rules the lenders must use when making a loan.  The three basic types are grouped under the general headings of Conventional, Government and Portfolio loans.  The names imply where the money actually comes from.  The lines have gotten somewhat blurry in recent years as the federal government …

View page »