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Choosing the right mortgage loan is a crucial step in making your dream of homeownership a reality. Whether you’re a first-time buyer or a seasoned homeowner, understanding the types of mortgage loans available for primary residences is key to making informed decisions. Explore the options below to find the one that suits your needs.

1. FHA Loan:
Description: Federal Housing Administration (FHA) loans are ideal for first-time homebuyers. They offer low down payment requirements and more flexible credit standards, making homeownership more accessible. FHA Loans start at 3.5% down. You can find out more about FHA Home Loans Here!

2. Home Ready Loans:
Description: Home Ready loans are designed to make homeownership more accessible for low to moderate-income buyers. They offer competitive interest rates and reduced private mortgage insurance (PMI) for qualified borrowers. HomeReady loans start at just 3% down and another great choice for first time home buyers

3. Conventional Home Loan:
Description: Conventional loans are not government-backed and often require higher credit scores and down payments. However, they offer flexibility in terms and are suitable for buyers with strong financial profiles.

4. VA Loan:
Description: Veterans Affairs (VA) loans are exclusive to eligible veterans, offering favorable terms such as no down payment and lower interest rates. They are backed by the Department of Veterans Affairs. A no money down home loan is the number 1 benefit for our military.

5. First-Time Home Buyers:
Description: Some mortgage programs are specifically tailored for first-time homebuyers, providing assistance with down payments and offering education on the home buying process.

6. P&L Loans (Profit and Loss Loans):
Description: P&L loans consider your business’s profit and loss statements as part of the qualification process, making them suitable for self-employed individuals. A P&L loan is as close as you can get today to a no doc home loan. Perfect for self employed borrowers.

7. Statement Only Loans:
Description: Statement-only loans allow borrowers to qualify using bank statements as proof of income, providing an alternative for those with non-traditional income sources.

8. Foreign National Loans:
Description: Foreign national loans cater to non-U.S. citizens looking to invest in U.S. real estate. They may have specific requirements, such as a higher down payment.

9. Non-QM Loans:
Description: Non-Qualified Mortgage (Non-QM) loans are designed for borrowers who may not meet traditional lending standards. They offer flexibility in income verification and credit requirements.

10. Multi-Family Loans:
Description: Multi-family loans are for properties with two or more units. They cater to investors looking to finance residential properties with income-generating potential.


Choosing the right mortgage loan for your primary residence involves considering various factors, including your financial situation and homeownership goals. Consult with a mortgage professional at CambridgeHomeLoan.com to explore these options further and find the loan that aligns with your unique needs.

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More About FHA Loans

New FHA / HUD Guidelines will insure new increased loan amounts based on your county and state. That means you can take advantage of new maximum loan limits for FHA loan Maryland. Qualifying customers can now apply for an FHA Jumbo Loan up to the maximum allowed by FHA. You can apply for a home loan with 3.5% down under new FHA loan limits.

A sampling of FHA approved lenders show the following qualifying guidelines:

  1. Qualified borrowers pay for closing costs plus down payment covering the 3.5% statutory minimum.
  2. Standard FHA guidelines and regulations apply, yet many lenders do require a 580 FICO score.
  3. For greater loan amounts on purchases, minimum FICO scores increase to 600 on Purchase, Rate / Term refinances and to 640 on cash-out refinances.
  4. Maximum Debt to Income Ratio’s are 43% on the back end.
  5. No non traditional credit.
  6. Declining Markets: Two appraisals will be required when the loan amount, excluding upfront MIP, will exceed $1,000,000 and the LTV equal to or greater than 95%.