Conventional loans are the most common and widely available mortgage option. For borrowers with good credit, balanced income, debt and some down payment, they are often the least complicated way to get the most flexible mortgage options.
FHA Loans are insured by the Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development, or HUD. FHA is often the best option for people who need a little extra flexibility when qualifying for a new home mortgage. You do NOT need to be a first time buyer - anyone who is buying a new home to use as their Primary Residence is eligible.
The Department of Veterans Affairs (VA) offers financing on primary residences for Veterans. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
The US Department of Agriculture USDA provides low down payment options to qualified borrowers, at very low interest rates, and with very low mortgage insurance premiums. If you are buying a home in an Rural Development -eligible area, and meet the program requirements, this loan is perfect for you.
Jumbo Loans exceed the maximum loan amounts established by conventional loan limits, currently $627,200. A Jumbo Loan is right for you if you are looking to buy a high priced or luxury home.
A Reverse Mortgage is a loan for those age 62 and older (Certain states allow for 55 and older) that allows homeowners to convert their home’s equity into cash with no monthly mortgage payments.