Home Loan Options FAQs

A loan is considered jumbo if it exceeds the conforming (standard) loan limits. In most areas, this is $766,550 - $1,149,825, varying by county.
We require at least a 20% down payment on all jumbo loans.

We offer term options for fixed-rate loans and adjustable-rate loans. View home purchase rates and terms or refinance rates and terms to learn more.

No. Ally doesn’t offer mortgages for commercial properties at this time.

With a fixed-rate loan, your interest rate won't change, and your monthly payment will stay the same over the life of your loan.

Yes. Ally defines a modular home as "a factory-built home constructed to the state, local, or regional building codes where the home will be located." Modular homes are considered the same as single-family residences.

No. We don’t offer FHA, VA, or USDA loans at this time.

With a fixed-rate loan, your interest rate won't change and your payment will stay the same month to month. Fixed-rate loans allow you to plan exactly how much you'll pay each month throughout the life of your loan.

With an adjustable-rate loan (also referred to as an adjustable-rate mortgage or ARM), your interest rate is fixed for the first 5, 7, or 10 years (depending on your term). After this initial period, your interest rate may adjust every 6 months based on current market rates after that. You'd possibly have a lower interest rate and Annual Percentage Rate (APR) for the initial period of an adjustable-rate loan than you would with a fixed rate loan.

Historically, homebuyers have chosen an adjustable rate when interest rates were high. The initial lower rates of an ARM – resulting in smaller monthly mortgage payments – made homeownership more attainable.

While you can plan for the fixed period of your ARM, your payments could increase (or decrease) once you reach the adjustable period of the loan. It’s important to know if you’ll be prepared for a higher monthly payment.

With an adjustable-rate loan, your interest rate is fixed for the first 5, 7, or 10 years (depending on your term). After this initial period, your interest rate may adjust every 6 months based on current market rates after that. You'd possibly have a lower interest rate and Annual Percentage Rate (APR) for the initial period of an adjustable-rate loan than you would with a fixed-rate loan.

No. We don't offer home loans for working farms, ranches, or orchards at this time.

Conforming loans (loans adhering to government agency guidelines, at amounts up to $766,550 in most areas, and $1,149,825 in high-cost areas): There are no set maximum acreage limits on conforming loans. However, certain property types don’t qualify as conforming loans including, but not limited to, commercial, income-producing, or agricultural-type properties, such as farms, ranches, or undeveloped land, regardless of size.

We finance jumbo loans up to $2 million. Learn more about our jumbo loans