A fixed rate mortgage is a mortgage loan that has a set interest rate for the entire life of the loan. It does not fluctuate with market changes and can only be altered through a refinance.
A VA loan is a mortgage loan that is backed by the U.S. Department of Veterans Affairs, or VA. It is available to military service members, veterans, and their immediate family members.
A jumbo loan mortgage is any home loan that is more than the conforming limit of $453,100 according to Fannie Mae guidelines on conventional mortgages.
A rural housing loan, also known as a USDA loan, is backed by the U.S. Department of Agriculture and is designed to encourage homeownership in America’s more rural and remote locations. They’re ideal for low- and middle-income earners who may have difficulty obtaining other forms of financing.