Loan programs, in plain words

• Conventional loans

  The everyday mortgage for buyers with steady income and fair-to-strong credit, with mortgage insurance that comes off as your equity grows.

• FHA loans

  Government-insured financing that is forgiving of lower credit scores, higher debt and gift money for the down payment.

• VA loans

  For veterans, service members and eligible surviving spouses: often little cash to close, and no monthly mortgage insurance.

• Jumbo loans

  For loan amounts above the conforming limit, priced across many lenders, each with its own appetite for size, reserves and credit.

• Non-QM loans

  Mortgages that verify income and credit differently: bank statements, 1099s, assets or rental income instead of tax returns, and recent credit events.

• HELOC

  A line of credit on your home's equity that leaves your first mortgage and its rate untouched; draw what you need, when you need it.

• Cash-out refinance

  Replace your mortgage with a larger one and take the difference in cash, in one loan with one payment.

• Rate-and-term refinance

  Lower your rate, change your term, remove mortgage insurance or move from an adjustable loan to a fixed one.

• First-time homebuyers

  Low down payment loans, down payment assistance and a plain walk through every step of a first purchase.

Programs, rates and terms vary by state and by property, and every loan is subject to credit and property approval.