An adjustable-rate mortgage (ARM) is a loan in which the interest rate may change periodically, usually based upon a pre-determined index. The ARM loan is especially good for people that might move soon, since the fixed-rate period is typically 1 to 7 years and could adjust afterwards.

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A USDA home loan is a zero-down payment mortgage for eligible rural and suburban homebuyers. Eligibility is based on the buyer and the property. First, the home must be in a qualified “rural” area, which USDA typically defines as a population of less than 20,000. Second, the buyer must meet USDA income caps and residence regulations.

With a VA loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment. To qualify, you must be an active military member or veteran, or the surviving spouse of a service member who died as a result of military service.

A Federal Housing Administration (FHA) loan is a government-backed home mortgage loan with more flexible lending requirements than conventional loans — and somewhat higher interest rates.

Construction loans are short-term interest-only loans used while you are building or remodeling. When you're ready you can look into obtaining a more long-term option.