FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.
VA home loans can be used to:
Conforming conventional loans are loans that adhere to the standards set by Fannie Mae and Freddie Mac, including maximum loan amounts.
In 2019, the standard limit for a conforming conventional mortgage is $484,350 for a single-family home that you intend to live in. For borrowers in high-cost areas, the limit can be as high as $726,525.
If you want to borrow more than the lending limits for conforming loans, you should look for lenders that specialize in jumbo mortgage loans.
Jumbo loans typically require higher credit scores than conforming loans (think 700 or higher), and you may also need to have a lower debt-to-income ratio (DTI) and put down a larger down payment.
Even with those things, you may end up with a higher interest rate than a conforming loan because the larger loan amount represents a bigger risk to the lender.
USDA loans differ from conventional, or nongovernment-backed, mortgages in important ways.