Conventional:
A mortgage that is not insured or guaranteed by the federal government.
Jumbo:
The current loan limit for a conforming loan is $300,700. Loan amounts of $300,701 and above are considered non-conforming or jumbo mortgages and are usually subject to higher pricing.
FHA Loans
A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans ($155,250 as of 1/1/96), they are generous enough to handle moderately-priced homes almost anywhere in the country.
VA Loans
A long-term, low- or no-down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
Home Equity
A loan secured by a second deed of trust on a house, typically used as a home improvement loan.
Refinance
Obtaining a new mortgage loan on a property already owned. Often used to replace existing loans on a property.
Commercial
A loan for the purpose of procuring a multi family, industrial, office, health care or retail establishment.
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