USDA Loan -
This loan is offered by the U.S. Department of Agriculture. This loan requires no down payment, borrowers may finance up to 100% of the property value. Borrowers must meet the income restrictions for the County they are interested in. Each county has a maximum income requirement. In order to be eligible for this program, you must be purchasing a property in rural area as defined by the USDA. The home or property being purchased must be owner-occupied, investment properties are not eligible for the USDA loans. 


VA Loan - 
VA loans are home loans for the purchase of a primary residence available to consumers who have served or are presently serving in the U.S. military. While the Department of Veterans Affairs (VA) does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans who qualify. Veterans, active-duty personal, reservists/National Guard members and some surviving spouses are eligible for a VA loan. The benefits of a VA loan are there are no down payments required, ability to finance the VA funding fee and no mortgage insurance premiums, etc. 


FHA Loan - 
A FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment of 3.5 percent. The other advantage of an FHA loan is that you are allowed to carry more debt compared to a conventional loan. Also, this loan allows the loan to be assumable, which means if you want to sell your home, the buyer can "assume" the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan. 
FHA 203K loan program enables borrowers to finance the purchase of a home and finance the cost of its rehabilitation through a single mortgage.


Conventional or Conforming Loans - 
Conventional loans meet bank-funding criteria set by Fannie Mae and Freddie Mac. Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, from October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price. Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. 
Conventional loan requires a down payment of 5 percent unlike a FHA and USDA loan. It also requires 3 percent of the 5 percent down payment to be in the form of borrowers own funds. 


Jumbo Loan - 
These loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on Jumbo loans are typically higher than conventional loans. Jumbo loans are typically used to buy more expensive homes and high-end custom construction homes, and usually require a higher down payment than traditional loans. The current conforming loan limit for a single-family home is $417,000 for all states except for Hawaii and Alaska, where it is $625,500. 
Qualifying for a jumbo loan usually requires lower debt-to-income ratio, higher credit scores, larger down payment, and higher reserves (or emergency funds) than conventional loans.