Conventional Loan
A conventional loan is a mortgage not backed by the government (unlike FHA, VA, or USDA loans), offering 3% to 20%+ down payment options, and is typically available from private lenders for borrowers with credit scores of 620 or higher. These loans are commonly used for primary homes, secondary homes, or investment properties, conforming to Fannie Mae/Freddie Mac guidelines or as jumbo loans.
FHA Loan
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration (FHA), designed for low-to-moderate-income borrowers, especially first-time homebuyers. They offer flexible credit requirements and low down payments (as low as 3.5%) but require mandatory
VA Loan
A VA loan is a mortgage program backed by the U.S. Department of Veterans Affairs (VA) designed to help veterans, active-duty service members, and eligible surviving spouses purchase or refinance homes. Key benefits include no down payment required (in most cases), no private mortgage insurance (PMI), and competitive interest rates, offered through private lenders.
USDA Home Loan
A USDA home loan is a 0% down-payment mortgage backed by the U.S. Department of Agriculture for low-to-moderate-income buyers purchasing homes in designated rural and suburban areas. Designed to boost homeownership, these loans often feature low-interest rates and are available for purchasing, building, or repairing primary residences.
Jumbo Loan
A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA), making it a non-conforming loan. As of 2026, this typically means loan amounts above $832,750 for a single-family home in most U.S. areas, used to finance high-cost properties. They usually require higher credit scores, larger down payments, and higher income.
Commercial Loan
A commercial loan is a debt-based funding arrangement between a business and a financial institution, used to finance major expenses like real estate, equipment, inventory, or operating capital. These loans are typically secured by business assets, have higher borrowing limits than personal loans, and may be short-term or long-term.