Surname 1Student's nameInstructor's nameCourseDateA mortgage programThe purchase of the real property is not just a financial commitment rather it's a huge milestone. Whether you are a first-time buyer, consistent one or even a veteran one, a mortgage program plays a vital role in the finance of real estate property because it helps the borrowers to determine and know if the mortgage is financially sustainable. Thus, a mortgage program is a set or group of related features attributed to a certain type of mortgage, including the type, initial rate period, terms, and whether it is insured (Ling & Wayne, 18).Real estate financing programsWhether you are buying your first real estate property, you would most likely need financial assistance to close the business. Therefore, traditional 30-year loans, interest only loans,variable interest rate loans, 15-year loan, and “No Doc” loans are the prevalent types of real estate financing programs (Ling & Wayne, 17). First and foremost, traditional 30 years loan is a financing program whose interest rate is uniform throughout the lifetime of the mortgage.