A conventional loan is a non-governmental mortgage requiring higher creditworthiness and down payment compared to government-backed loans.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, designed to help individuals with lower credit scores and smaller down payments become homeowners.
A jumbo loan is a type of mortgage that exceeds the limits set by government-sponsored enterprises like Fannie Mae and Freddie Mac, typically used for higher-priced properties.
A reverse mortgage is a financial arrangement that allows homeowners, typically retirees, to convert a portion of their home's equity into cash, while deferring repayment until they move out or pass away.
A USDA loan is a mortgage program offered by the U.S. Department of Agriculture, assisting eligible individuals in purchasing homes in rural or less densely populated areas by providing low to no down payment options.
A VA loan is a mortgage option provided by the U.S. Department of Veterans Affairs, offering eligible veterans and active-duty military personnel the opportunity to purchase a home with favorable terms and often without a down payment.
In mortgage refinancing, homeowners replace their current mortgage with a new one to improve their financial situation
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