Mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac.

As FHA loans may require a lower minimum down payment than many conventional loans, they are ideal for borrowers who have lower credit scores and/or low- to moderate-income.

VA loans offer flexible approval guidelines and payment plans, as well as low down payments and competitive rates, for veterans and active-duty service members.

A jumbo loan or mortgage is a type of financing that exceeds the loan limits set by the FHFA.

The term ‘fixed’ or ‘adjustable (ARMs)’ refers to the type of interest rate a borrower has chosen.

Non-QM loans do not meet the requirements to be considered a QM and do not have ‘safe harbors’. A non-QM lender might be able to use bank statements to qualify the loan. They also may offer programs that allow borrowing within days of a major recent credit events like bankruptcy or foreclosure.

A home equity line of credit (HELOC) is a line of credit that uses the equity you have in your home as collateral.

A construction loan is a short-term loan used to finance the building of a home.

Private Money/Hard MoneyA private or hard money loan is primarily used in real estate transactions when the lender is an individual or company, as opposed to a bank. Private/hard money lenders are typically only concerned with loan-to-value.