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There are lots of different possible combinations, from purchasing a home to of using your home to achieve your desires.  Below are some of the loan types and a description of purpose and funciton.

Purpose of Loans

New Home Loans
Second Mortgages
Refiance Home Loans

Reverse Mortgages
Equity Lines of Credit


Understanding The 5 Different Types Of Mortgage Loans

A variety of mortgage options exist, including conventional, fixed-rate and adjustable-rate mortgages, as well as government-backed and jumbo loans. The loan that will best suit your needs will depend on the type of mortgage applicant you are, whether you’re a first-time home buyer or you’re looking to downsize or refinance.

Conventional Mortgages

Conventional mortgages are the most common type of mortgage. Conventional loans may have different requirements for a borrower’s minimum credit score and debt-to-income (DTI) ratio than other loan options. Generally, you can qualify for a conventional mortgage with a minimum credit score of 620 and a DTI of up to 50%.

With a conventional mortgage, you can buy a home with as little as 3% down if you’re a first-time home buyer or 5% down if you already own a home. You’ll also need a minimum credit score of at least 620 to qualify. You can skip buying private mortgage insurance (PMI) if you have a down payment of at least 20%.

The gotcha is if you make a down payment of less than 20%, it means you’ll need to pay for Mortgage insurance.  The good news is these rates are usually lower for conventional loans than other types of loans (like FHA loans).

The Differences Between Conforming And Nonconforming Loans

The matter of loans can get more confusing when you learn there is another category : Conforming Loans vs Non-conforming Loans.  Don’t get concerned, as the difference is just a another classification of what type of loan it is and whether the loan is to be sold. – Fannie Mae or Freddie Mac

The Two Types


  • Conventional mortgages
  • Fixed-rate mortgages
  • Adjustable-rate mortgages


  • FHA Loans
  • USDA Loans
  • VA Loans
  • Jumbo Loans


These outlines are meant to give you an idea of what can be available.  All loans and mortgages are not necessarily to the desires of all clients and some may have conditions that would disqualify or not allow the selection to be the best choice for them.  Executive Home Loan staff, can work with you, to figure out what is the right solution for you.