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A conventional mortgage loan is a type of home financing that is not insured or guaranteed by the federal government. Instead, it adheres to guidelines set by Fannie Mae and Freddie Mac, two government-sponsored enterprises. These loans typically require a down payment of at least 3% to 20% of the home's purchase price and have fixed or adjustable interest rates. Conventional loans are ideal for borrowers with good credit history, stable income, and sufficient funds for a down payment.

A jumbo mortgage loan is a type of financing that exceeds the “conforming” loan limits set by Fannie Mae and Freddie Mac. These loans are designed for buyers looking to purchase higher-priced homes that require larger loan amounts beyond what conventional loans can accommodate. Jumbo loans are ideal for buyers looking to finance luxury properties or homes in high-cost areas where property values exceed the conforming loan limits. They provide the necessary financing to purchase these properties while offering flexibility in terms and conditions tailored to the borrower's financial capabilities.

An FHA mortgage loan is a government-backed mortgage insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD). These loans are designed to help low-to-moderate income borrowers and first-time homebuyers access affordable financing options. FHA loans are an excellent choice for borrowers who may not qualify for conventional financing due to limited savings or lower credit scores. A key feature of FHA loans is they allow for a lower down payment option, typically starting at 3.5% of the home's purchase price.

A Non-QM (Non-Qualified Mortgage) loan is a type of mortgage that does not meet the standard criteria set by government-sponsored enterprises like Fannie Mae and Freddie Mac, or the Consumer Financial Protection Bureau's Qualified Mortgage (QM) guidelines. These loans cater to borrowers who are investors, self-employed, or those with non-traditional sources of income. They offer a pathway to homeownership or property investment by considering a broader range of factors beyond standard QM guidelines.

A USDA mortgage loan, backed by the U.S. Department of Agriculture (USDA) Rural Development program, is tailored to help moderate-to-low income borrowers in eligible rural and suburban areas achieve homeownership. These loans offer attractive terms and benefits aimed at supporting rural communities across the United States. USDA loans are an excellent choice for those looking to buy in rural or suburban areas who meet income and location eligibility requirements. They provide a viable path to homeownership with favorable terms (down payments as low as 0%) and government-backed support, fostering sustainable development and economic growth in rural communities.