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Northwest Mortgage Planners offers a variety of loan programs to meet your needs. Below is a list of the loans. 30-Year Fixed A loan that has an interest rate that is fixed for the term of 30 years. With the interest rate locked for the term of the loan the corresponding principal and interest payment is fixed for the term and pays the loan in full at the end of the term. 15-Year Fixed A loan that has an interest rate that is fixed for the term of 15 years. With the interest rate locked for the term of the loan the corresponding principal and interest payment is fixed for the term and pays the loan in full at the end of the term. 7/1 Adjustable Rate Mortgage (ARM) A loan that has a fixed interest rate, principal and interest payment for the first 7 years. Starting the 8th year the loan converts to a 1 year adjustable. 5/1 Adjustable Rate Mortgage (ARM) A loan that has a fixed interest rate, principal and interest payment for the first 5 years. Starting the 6th year the loan converts to a 1 year adjustable. 3/1 Adjustable Rate Mortgage (ARM) A loan that has a fixed interest rate, principal and interest payment for the first 3 years. Starting the 4th year the loan converts to a 1 year adjustable. 1-Year Adjustable Rate Mortgage (ARM) A loan that has an interest rate that may adjust every 12 months. With the adjustment in the interest rate the corresponding principal and interest payment may adjust. The adjustments in both the interest rate and payment are subject to limitations (caps) both yearly and overall as established at the inception of the loan. The term of the loan is typically 30 years and the initial interest rate is usually lower than a 30-year fixed rate loan. Conforming Loans Loans up to $417,000 that meet the requirements set forth by Federal National Mortgage Association and/or the Federal Home Loan Mortgage Corporation. Jumbo Loans A jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac currently $417,000, this limit is 50% higher in Alaska, Hawaii, Guam, and the U.S. Virgin Islands. VA Loans Loans made by lenders that are guaranteed by the Veterans Administration for veterans. The veteran must have their VA Eligibility Certificate and plan to live in the home. The benefits are a lower down payment and cost requirements. FHA Loans Loans which are insured by the Federal Housing Administration, a division of Housing and Urban Development of the federal government. There are loan limits dependent upon the location of the property. The advantages to an FHA loan are lower down payment requirements and typically easier qualification requirements.