Six Common Types of Home Financing
Learn about the most common types of home loans available.

Conventional Loans
Conforming Loan
These loans conform to the loan amount and underwriting guidelines set by Fannie Mae and Freddie Mac, who are Government Sponsored Enterprises (GSEs). Offer more financing options than government-backed loans.
Non-conforming Loan
These loans do not conform to the loan amount (also called “Jumbo”) and/or underwriting guidelines set by the GSEs. Offer unique guidelines not found for conforming and government-backed loans.
These loans conform to the loan amount and underwriting guidelines set by Fannie Mae and Freddie Mac, who are Government Sponsored Enterprises (GSEs). Offer more financing options than government-backed loans.
Non-conforming Loan
These loans do not conform to the loan amount (also called “Jumbo”) and/or underwriting guidelines set by the GSEs. Offer unique guidelines not found for conforming and government-backed loans.
Government-backed Loans
Fha Loan
Insured by the Federal Housing Administration FHA loans are currently the most popular home financing option, because of the low down payment requirement and easier qualifying guidelines. Recently, the mortgage insurance premiums were reduced aking these loans even more attractive.
Va Loan
Guaranteed by the U.S. Department of Veterans Affairs Available to Veterans and active duty military personnel and, in certain circumstances, widowed spouses. The lack of down payment and mortgage insurance requirements make this the number one choice for eligible individuals. The loan is assumable by a non-Veteran, which can be a great selling point when it comes time to move.
Usda Rural Housing Loan
Guaranteed by the U.S. Department of Agriculture Properties must be in USDA-defined rural areas. Borrower's income is limited based on geographic location and family size. In cases where the appraised value exceeds the sales price, the borrower may have no out-of-pocket costs.
Insured by the Federal Housing Administration FHA loans are currently the most popular home financing option, because of the low down payment requirement and easier qualifying guidelines. Recently, the mortgage insurance premiums were reduced aking these loans even more attractive.
Va Loan
Guaranteed by the U.S. Department of Veterans Affairs Available to Veterans and active duty military personnel and, in certain circumstances, widowed spouses. The lack of down payment and mortgage insurance requirements make this the number one choice for eligible individuals. The loan is assumable by a non-Veteran, which can be a great selling point when it comes time to move.
Usda Rural Housing Loan
Guaranteed by the U.S. Department of Agriculture Properties must be in USDA-defined rural areas. Borrower's income is limited based on geographic location and family size. In cases where the appraised value exceeds the sales price, the borrower may have no out-of-pocket costs.
Non-Prime Loans
Non-Prime Loans
Personalized lending strategies for individuals with proven credit and financial stability, who may have difficulty qualifying under traditional guidelines.
Personalized lending strategies for individuals with proven credit and financial stability, who may have difficulty qualifying under traditional guidelines.