Jumbo Loan: A non-conforming loan that exceeds the maximum loan amounts deemed by the Federal National Mortgage Association (includes Fannie Mae and Freddie Mac). It is generally the type of mortgage that is used for the purchase of luxury homes. Jumbo loans often carry higher interest rates than other types of loans.
Conventional Loan: A loan that is not guaranteed or insured through FHA or VA. Conventional loans often require a percentage down payment is made on the purchase of a property.
FHA Loan: A loan that is open to all homebuyers and insured by the Federal Housing Association. FHA loans have mortgage amount limits and are designed to assist borrowers who cannot otherwise afford a conventional loan.