Here is a comprehensive list of the most common loan programs available in the U.S. residential mortgage market, including conventional, government, and specialty options—each with a brief explanation:

🏠 1. Conventional Loans

Backed by: Fannie Mae & Freddie Mac (not government-insured)

✅ Standard Conventional

  • 3%–20%+ down payment
  • Requires good credit (typically 620+)
  • PMI required if <20% down
  • Fixed or adjustable rates available

✅ High-Balance Conventional

  • For loan amounts exceeding standard conforming limits (but within county limits)
  • Higher rates & stricter guidelines

🏛️ 2. Government-Backed Loans

✅ FHA Loan (Federal Housing Administration)

  • 3.5% down payment (with 580+ credit score)
  • More lenient on credit & debt ratios
  • MIP (mortgage insurance premium) required upfront and monthly
  • Popular for first-time buyers

✅ VA Loan (U.S. Department of Veterans Affairs)

  • 0% down payment
  • No monthly mortgage insurance
  • Available only to eligible veterans, active-duty, and some spouses
  • VA funding fee applies unless exempt

✅ USDA Loan (U.S. Department of Agriculture)

  • 0% down for rural and suburban properties
  • Income and geographic restrictions
  • Must meet USDA eligibility requirements

💼 3. Non-Conforming & Jumbo Loans

✅ Jumbo Loan

  • Exceeds conforming loan limits ($766,550 in 2024 for most counties)
  • Higher down payment (10%–20%)
  • Strong credit and income documentation required
  • Often used for luxury or high-cost homes

🏗️ 4. Renovation & Construction Loans

✅ FHA 203(k) Loan

  • Finance purchase + renovation costs in one loan
  • Available in “Standard” and “Limited” versions

✅ Fannie Mae HomeStyle Renovation Loan

  • Conventional alternative to FHA 203(k)
  • Used for renovations on purchase or refinance
  • Requires conventional credit standards

✅ Construction-to-Permanent Loan

  • Funds construction and automatically converts to a permanent loan
  • Typically 20%+ down required

🔁 5. Refinance Programs

✅ Rate-and-Term Refinance

  • Replace your current mortgage to lower your rate or change term
  • No cash-out allowed

✅ Cash-Out Refinance

  • Borrow more than you owe to take cash out (up to 80% LTV for conventional)
  • Good for home improvements or debt consolidation

✅ FHA Streamline Refinance

  • No appraisal or income verification required
  • Only for existing FHA borrowers

✅ VA IRRRL (Interest Rate Reduction Refinance Loan)

  • Also called “VA streamline”
  • Easier refinance for VA borrowers with limited documentation

🏡 6. First-Time Homebuyer & Affordable Housing Programs

✅ HomeReady (Fannie Mae) & Home Possible (Freddie Mac)

  • 3% down
  • Lower PMI rates
  • Income limits apply
  • Great for first-time or low-to-moderate income buyers

✅ Down Payment Assistance Programs (DPA)

  • Offered by local/state housing agencies
  • Grants or deferred loans for down payment or closing costs
  • Often paired with FHA or conventional loans

🧾 7. Non-QM (Non-Qualified Mortgage) Programs

✅ Bank Statement Loans

  • Based on 12–24 months of bank deposits (for self-employed)
  • No tax returns required

✅ DSCR (Debt Service Coverage Ratio) Loans

  • For investors – qualification based on property cash flow, not personal income
  • No employment or income docs needed

✅ Asset Depletion Loans

  • Qualify based on liquid assets instead of income

✅ ITIN Loans

  • For borrowers without a Social Security number
  • Use ITIN instead; typically higher rates and down payments

✅ Interest-Only Loans

  • Pay interest only for initial years (usually 5–10), then fully amortizing
  • Common in investor or jumbo scenarios

💼 8. Portfolio & Private Loans

  • Funded and held by banks or private lenders
  • Flexible guidelines
  • Higher rates, often used when borrower or property doesn’t fit traditional programs

🔄 9. Reverse Mortgage (HECM)

  • For seniors 62+
  • Borrow against home equity with no monthly payment
  • Loan repaid when borrower sells home or passes away