Any type of mortgage loan that is not insured by a government entity is considered a conventional loan. Conventional loans may be conforming or nonconforming.  Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. Currently, the conforming loan limit for a single family residence is $417,000. Nonconforming loans do not fall within the guidelines set forth by Fannie Mae and Freddie Mac, but are underwritten based on guidelines that differ from lender to lender in which the loan amount, the loan to value ratio, the terms, or some other aspect of the loan exceeds permissible limits as specified.   

A jumbo mortgage is a loan product that provides financing for those who are purchasing or refinancing a property that exceeds the current maximum conforming loan amount.  A jumbo mortgage will carry a slightly higher interest rate than a conforming conventional mortgage. 

The Federal Housing Administration, generally known as "FHA", is the largest government insurer of mortgages in the world.  FHA loans are a great benefit to those who cannot afford a conventional down payment or qualify for private mortgage insurance. FHA loans allow a buyer to purchase a home with as little as 3.5% down.  In addition to purchase loans there are also refinance options available.  The upfront mortgage insurance premium required by FHA can be financed into the loan.  Mortgage limits vary by state and county.

VA loans are guaranteed by the US Department of Veterans Affairs (VA) and are available to eligible veterans and their spouses.  VA loans allow for up to 100% percent financing on purchases to qualified borrowers without the requirement of mortgage insurance. Each veteran (unless exempt) must pay a funding fee to the VA.  This fee may be financed into the loan.  In addition to purchase loans, refinace options are also available.