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A mortgage that is insured by the Federal Housing Administration (FHA) and issued by an FHAapproved lender. FHA loans are designed for low-to-moderate-income borrowers - they require a lower minimum down payment and lower credit scores than many conventional loans.
Jumbo loan
Conforming loans limit the dollar value that can be backed by government-sponsored programs. A jumbo mortgage exceeds these conforming loan limits, which are tied to local median home values. Qualifications for Jumbo loans are more stringent to mitigate risk to the lender.
Loan
The amount a buyer can borrow from a bank, private lender or third-party lender for market interest rates to purchase aproperty available for sale.
USDA loan
A loan backed by the United States Department of Agriculture available to rural Americans as part of their Rural Development Guaranteed Housing Loan program.
VA loan
A mortgage option for veterans of the U.S. Armed Forces. They are partially backed or guaranteed by the Department of Veterans Affairs.
