Mortgage Types

Mortgage Types


Which mortgage program is right for your next home purchase? Here’s a quick overview and I’m here to help evaluate options in more detail:

Conventional Mortgages. There are two kinds. Conforming mortgages are backed by Fannie Mae and often offer a lower rate, but must conform to certain maximum loan limits and guidelines. Jumbos, or non-conforming mortgages, are for amounts above Fannie Mae’s limits and may have a higher interest rate.

FHA Mortgages. The Federal Housing Administration administers mortgage loan programs with lower down payments that are often easier to qualify for than conventional loans. The loans are made by private lenders, insured by FHA, and may not exceed certain limits.

VA Mortgages. These loans are also made by private lenders, but backed by the U.S. Dept. of Veterans Affairs (VA). They allow veterans and service personnel to get a mortgage with favorable terms and usually without a down payment. The VA determines eligibility, but you still apply to private lenders, who generally put a limit on the maximum amount of the loan.

USDA RHS Mortgages. These are guaranteed by the U.S. Dept. of Agriculture and are strictly for rural properties. We can help determine if you qualify

We’re happy to help you with more information on any of these mortgages. Just call or email us any time.


Rebecca Richardson is a Charlotte mortgage banker who excels at helping clients choose the appropriate mortgage strategy and enjoys demystifying the financial process on her blog at She can be reached by email or at 704.488.8883.