Know your mortgage loan options
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Mortgage options
Find a loan to fit your needs
Chase explains types of mortgages
Conventional mortgages
Mortgages with lower down payments
Mortgages for higher-priced real estate
Conventional mortgages
Simply put, a conventional mortgage is a loan that's not backed by a government agency, such as the Federal Housing Administration (FHA) or Veterans Affairs (VA). There are two types of conventional loans: conforming and nonconforming. Conforming loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). When a loan doesn't follow these lending rules, it's considered non-conforming.
There are a number of factors that may cause a loan to be non-conforming; generally loan amount is a key factor. While a 30-year fixed-rate mortgage is a popular conventional loan, you have other options, such as a 15-year fixed-rate loan or a 7/6 ARM, to name a few. Think about your current budget as well as your longer-term financial goals as you plan. Our mortgage calculators can help you get there.
Things to consider:
While a 30-year fixed-rate mortgage is a popular conventional loan, you have other options, such as a 15-year fixed-rate loan or a 7/6 ARM, to name a few. Think about your current budget as well as your longer-term financial goals as you plan. Our mortgage calculators can help you get there.
Mortgages with lower down payments
Chase DreaMaker℠
A DreaMaker mortgage has down payment options as low as 3% and lower monthly payments with a 30-year fixed rate.
Things to consider:
You'll need to meet income requirements to qualify for this loan.
Federal Housing Administration (FHA) loan
An FHA mortgage is a government-insured loan that offers down payments as low as 3.5%. FHA loans come with a 15-, 20-, 25- or 30-year term and have a fixed interest rate.
Things to consider:
While there are no specific income requirements to qualify, you will have to pay monthly mortgage insurance for the duration of the loan and a mortgage insurance premium at closing.
Veteran Affairs (VA) loan
A VA loan has low or no down payment options and no monthly mortgage insurance requirement. VA loans are available with 10-, 15-, 20-, 25- or 30-year terms.
Things to consider:
You must be a veteran, active duty service member or a member of the National Guard or Reserve to qualify for a VA loan.
Mortgages for higher-priced real estate
Jumbo loan
A jumbo loan is a mortgage for a more expensive property. The maximum amount for a jumbo loan at Chase is $9.5 million.
Things to consider:
You need to have a minimum credit score and a certain amount of cash to qualify.
Which loan works for your needs?
Consider these factors when deciding which loan fits your needs.
Conforming
Good income, down payment and credit score. Down payment between 3% and 20% of purchase price required. Strict lender requirements.
FHA
Lower income, down payment and credit score. Down payment as low as 3.5% of purchase price. Monthly mortgage insurance required.
DreaMaker
Smaller or limited down payment. Down payment as low as 3% of purchase price. Strict income requirements.
Veterans Affairs (VA)
Veterans and active servicemembers. Down payments as low as 0%. Available to active servicemembers and veterans only.
Jumbo
Great income, down payment and credit score. Down payment of 15% or more of purchase price. Higher fees.
