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An FHA loan, or Federal Housing Administration loan, is a popular mortgage option designed to help individuals and families achieve homeownership, particularly those with lower credit scores or limited down payment resources. FHA loans are backed by the government,

A conventional loan is a type of mortgage that is not insured or guaranteed by the federal government, making it a product of private lending institutions such as banks and credit unions. This loan type is primarily used for purchasing residential properties and can be classified into two categories: conforming and non-conforming loans.

A VA loan is a type of mortgage specifically designed to assist veterans, active-duty service members, and certain members of the National Guard and Reserves in obtaining home financing. Backed by the U.S. Department of Veterans Affairs, these loans provide unique benefits that make homeownership more accessible for those who have served in the military.

A construction loan is a short-term financing option specifically designed to cover the costs associated with building a new home or making significant renovations to an existing property. Unlike traditional mortgages, which are used to purchase an already built home, construction loans provide the funds needed during the various stages of the construction process.

A refinance loan is a financial process through which a borrower replaces an existing mortgage with a new one, typically to secure better terms or rates. This can apply to any type of loan, but it most commonly refers to home mortgages.

An equity line of credit, often referred to as a home equity line of credit (HELOC), is a type of loan that allows homeowners to borrow against the equity they have built up in their homes.