Home loans used to only come in the vanilla-flavored fixed rate. Now, there are more flavors to fit the varied needs of consumers. Some of you may not have a 20% down payment while others of you may be self-employed or have a low credit score. Just a few years ago, you probably would have been turned down. Today’s mortgage industry has a portfolio of home loans to meet these unique situations. Some home loans are available with minimal or no down payments. You can choose from interest only loans or adjustable rate mortgages, which have interest rates that go up or down over a period of time in response to the market. Sub prime and Alt-A home loans are available for those of you with less-than-perfect credit. If you are lucky enough to buy a high-priced home, jumbo home loans are available for mortgages over $500,000. Of course, for the traditional group out there, you can still select fixed interest rate homes loans that extend over 15-, 20-, or 30-year periods.