Borns Mortgage Group

A conventional mortgage loan is not directly insured by a government program. Most conventional loans are also “conforming” loans, which simply means that they meet the requirements for Fannie Mae or Freddie Mac 

Federal Housing Authority (FHA), Veterans Administration (VA) and U.S. Department of Agriculture (USDA) are government-backed mortgages featuring no or low down payment options and flexible credit guidelines. (Reverse Mortgages) are designed for older homeowners and typically do not require monthly mortgage payments. 

A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $766,550 for a single-family home in all states

 (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $1,149,825)