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Types of Loans

There are many types of home loan programs available today. Here are some of the more popular loan products currently available to consumers:

Conventional Conforming Loans:

  • Conventional Conforming Loans have maximum loan amounts that are set by the government.
  • Other rules are set by Fannie Mae and Freddie Mac.
  • Typically, if your down payment is less than 20%, you will need mortgage insurance.

Non-Conforming Conventional Loans

  • Non-Conforming Conventional Loans are less standardized than conforming loans.
  • Eligibility, pricing, and features can vary widely by lender.

FHA Loans

  • FHA Loans are regulated and insured by the Federal Housing Administration.
  • The FHA does not lend the money directly, private lenders do.
  • FHA Loans allow for down payments as low as 3.5% and they also allow credit scores that are lower than most conventional loans.
  • FHA loans require mortgage insurance.

VA Loans

  • VA Loans are available to eligible veterans, current service members, and surviving spouses.
  • These loans are made by private lenders and guaranteed by the VA.
  • They are available with low or no down payments, do not require monthly mortgage insurance premiums, but generally require an upfront VA funding fee at closing.

USDA Loans

  • USDA Loans - The U.S. Dept. of Agriculture offers a loan program similar to FHA and VA.
  • USDA Loans require zero down payment, so they can be a good option for borrowers who have little available savings.
  • Borrowers will pay an upfront fee at closing as well as ongoing mortgage insurance premiums to the USDA.

Jumbo Loans

  • Jumbo Loans – Like their name implies, Jumbo Loans are loans that exceed the conventional loan limits which vary by geographical area.
  • Rules vary by lender, but usually Jumbo loans require good credit and a higher down payment to qualify.

Source:  Consumer Financial Protection Bureau

Give us a call at 941-256-8420 to see which loan program works best for YOU.


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Blue Skye Lending
8130 Lakewood Main Street, Suite 205, Lakewood Ranch, FL  34202
Office:  (941) 256-8420
Fax:  (866) 803-6341
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