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Types of Loans

Which loan is right for you?

Every mortgage program has something different to offer, so what’s best for someone else
might not be best for you. Your current needs may steer you toward one program, while
your future plans suggest another.

Take some time to educate yourself about the different options, then talk to a Summit Mortgage loan officer who can help you decide what’s going to work best for you.

Loan options

At Summit, we’re here to make sure you get the right loan for your circumstance. 
Our team is here to help help you find a loan that fits your unique needs.

  • Conventional Fixed-Rate Loans

    Fixed-rate mortgages offer buyers predictable monthly payments with an interest rate that will remain the same over the entire term of the loan. A fixed-rate mortgage is ideal for buyers who plan to live in their home for several years or longer.

    Explore conventional fixed-rate loans

  • FHA Loan

    The Federal Housing Administration (FHA) designed these loans to meet the needs of buyers with low or moderate incomes. With only a 3.5% minimum down payment required and flexible qualifying guidelines, this is a great option for young and first-time homebuyers.

    Explore an FHA home loan

  • Low Down Payment Programs

    If you don’t have enough money saved up for a large down payment, you can still qualify for an FHA or conventional fixed-rate loan as long as you’re comfortable taking on mortgage insurance.

    See low down payment mortgage options

  • Down Payment Assistance Programs

    Buyers who don’t have the funds for a down payment can combine gift funds from friends and family, loans, grants, tax credits, and other financial sources to help lower the upfront cost of buying a home and maintain affordable monthly payments.

    View down payment assistance programs

  • Home Improvement Loans

    A home improvement loan can help turn that fixer-upper into your dream home by rolling the purchase price of the property and the renovation cost into a single, low fixed-rate loan.

    Consider a home improvement loan

  • Adjustable-Rate Mortgage (ARM)

    An adjustable-rate mortgage (ARM) generally offers buyers a lower initial interest rate than fixed-rate mortgages. However, after the introductory period, the interest rate may adjust to reflect market conditions on a predetermined date each year.

    See how adjustable-rate mortgages work

  • Jumbo Loans

    Some homeowners dream big. Others dream really big. A jumbo loan might be the best option if you need a loan that exceeds $510,400, have a higher-than-average income, and a great credit score.

    Learn how jumbo loans work

  • USDA Loans

    The US Department of Agriculture (USDA) offers low and no down payment mortgages for eligible rural and suburban homes. Buyers who live outside major metropolitan areas and are unable to secure financing for traditional mortgages may want to consider a USDA loan.

    Learn more about USDA loans

  • VA Loans

    VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA) to help qualified veterans, active-duty service members, and their spouses afford a home. 100% financing is available on qualified transactions without private mortgage insurance (PMI).

    Take advantage of a VA home loan

  • Refinance

    We’ve made refinancing simple for all types of homeowners. Summit Mortgage offers two types of refinancing options: Rate & Term Refinance and Cash-Out Refinance.

    Learn more about your refinance options

Ready to prequalify or apply?

Completing a loan application doesn’t have to be a stressful experience.
Use our Quick Start Form and we’ll connect you with a loan officer that matches your unique needs.

Learn More About Home Loans

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