Conventional mortgage
Jumbo mortgage
DreaMaker mortgage3
FHA mortgage4
Veterans Affairs (VA)5
Terms and rates
Simply put, a conventional mortgage is a loan that's not backed by a government agency such as the Federal Housing Administration (FHA) or Veteran 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.
A jumbo loan is a mortgage for a more expensive property. The maximum amount for a jumbo loan at Chase is $9.5 Million. We also offer loans up to a $2 Million on investment properties.
A DreaMaker mortgage has down payment options as low as 3% and lower monthly payments with a 30-year fixed rate.
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.
A VA loan has low or no down payment options and no mortgage insurance requirement. VA loans are available with 10-, 15-, 20-, 25- or 30-year terms.
Term Length: Mortgage loans vary in length, typically from 10 to 30 years.
Fixed- Rate Mortgages: A fixed-rate mortgage offers a consistent interest rate for as long as you have the loan, instead of a rate that adjusts or floats with the market. A consistent interest rate usually means you'll have a consistent mortgage payment too.
Adjustable-rate Mortgage (ARM): An ARM loan has an interest rate that stays the same for a set period of time, then changes to a variable rate that adjusts every year. For example, a 7/6 ARM has an introductory interest rate for the first 7 years and then resets every year after that for the loan term.
Things to consider
Things to consider
Things to consider
Things to consider
Things to consider
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 ARM1 to name a few. Think about your current budget, as well as your longer-term financial goals as you plan.
You need to have a minimum credit score and a certain amount of cash to qualify.
You'll need to meet income requirements to qualify for this loan.
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.
You or your spouse must be a veteran, active duty service member or a member of the National Guard or Reserve to qualify for a VA loan.
Term Length: The duration of the loan will impact your monthly payment. For example, the shorter the loan term, the more you're likely to pay each month. As you explore options, think about your down payment, your monthly budget and plan accordingly.
Fixed-Rate Mortgages: While fixed-rate loans offer a steady mortgage payment, they typically have a higher interest rate. As you weigh your options, you may want to ask yourself, "Is this my forever home, or just a place where I'll live for a few years?" That may help you determine if a fixed-rate loan is right for you.
Adjustable-rate Mortgage: While you'll likely pay a lower interest rate during the introductory period, your payment could increase quite a bit once this period ends—possibly hundreds of dollars a month. Rate caps limit the amount your interest rate can rise, but make sure you know what your maximum payment could be.