There are several different types of conventional loans, mainly conforming or non conforming. However the main thing that separates a conventional loan from the rest is it is not backed by the government. Has some stricter eligibility requirements than those back by the government. Also has a minimum down payment of 3%.

Stands for Federal Housing Administration, and this is a mortgage that is insured by the U.S. government and issued by an FHA-approved lender. FHA loans are designed to help with low to moderate income families, and they’re particularly popular with first-time homebuyers. Also has a minimum down payment of 3.5%.

VA loans are a lot like what they sound like. They are also back by the U.S. Department of Veterans Affairs, so they are designed to help veterans, service members, and their families buy, build, improve, or refinance a home. VA loans have no minimum down payment.

A USDA loan is also a government-back mortgage that helps low and moderate income borrowers in rural and suburban areas. USDA loans have some stricter guidelines in order to qualify for than others. There is no minimum down payment for USDA loan.

A jumbo loan is a type of conventional loan, however it is a loan that exceeds the maximum conv. loan limit set by the Federal Housing Finance Agency (FHFA). In 2025, a jumbo loan is a balance higher than $806,500 in most U.S. counties. Minimum down payment for a jumbo loan is 15%, and typically has higher interest rates.

There are several different types of refinancing a mortgage. However the 2 main types are Rate-and-Term Refinance and Cash-Out Refinance. Both include taking the terms of an existing loan (if there is one) and revising it to get a lower rate or if you need cash from the equity of your current home. If these interest you please reach out!