Conventional loans are mortgage loans offered by non-government sponsored lenders.

Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment commu

The Federal Housing Administration (FHA) provides government backed loan options for both purchases and refinances. Some of the main hallmarks of FHA loans are better interest rates and low down payment requirements.

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants

The USDA assists with home loans through the Guaranteed Rural Housing Program.

Here is a comprehensive guide to everything the first time home buyer should know BEFORE going through the purchase process.