A “conventional loan” simply refers to any residential mortgage loan that is not insured or guaranteed by the federal government. This is the most common loan program & make up the largest share of…

“FHA loans” are government-backed loans insured by the Federal Housing Administration. The original intent of these was to free up credit & help lower-income borrowers obtain a mortgage who would otherwise have trouble qualifying…

A “VA loan” is a government-backed mortgage guaranteed by the Department of Veterans Affairs available to both veterans and active duty service members. The most notable aspect of a VA home loan is its zero down payment requirement, which is also available to surviving spouses.

The U.S. Department of Agriculture isn’t just in the farming business, they also run a pretty substantial home loan program that offers mortgages with zero money down. These “USDA loans” are offered to home buyers throughout the country who purchase properties in so-called “rural areas.”

Contrary to popular belief, here is no such thing as a “First-Time Homebuyer” Loan. Although a very common misconception, this is actually just a down payment assistance program stacked on top of a Conventional, FHA, VA, or USDA Loan..

A “jumbo loan” is a mortgage with an amount that exceeds the conforming loan limit set by the Federal Housing Finance Agency, which oversees Fannie Mae & Freddie Mac. The limit changes annually and is currently $766,550 for a one-unit property for 2024. If your loan is above that amount, it means that it is not…