A jumbo loan is a loan for an amount of money larger than the conforming loan limits set by government-backed agencies Fannie Mae and Freddie Mac. The current conforming loan limit for a single-family home is $424,100 in all states except Hawaii and Alaska and in designated high-priced markets. Loan limits in high-cost areas vary by location.
An FHA-insured and guaranteed loan is designed to make purchasing a home more affordable, especially for first-time homebuyers. FHA loans feature lower down payments and higher qualifying ratios than most conventional mortgages.
A VA loan is a low- or no-down-payment mortgage guaranteed by the United States Department of Veterans Affairs. It is only available to military personnel, veterans or spouses of veterans who died of service-related injuries.
For more information about the type of loan that might be right for you, or to discuss eligibility and details, call (800) 451-1895 to speak with a loan consultant.