An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses
A mortgage with a loan amount exceeding above conventional conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and therefore, not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac.
Construction loans are relatively short term and the lender takes an ownership interest in the building. At the end of construction, the loan is repaid from the proceeds of a mortgage obtained on the finished building.
A land loan is a financing option that is meant to be used just for the purchase of land. Loans of this type, often referred to as land mortgage loans, are somewhat harder to get than more traditional real estate loans, which include not only the land, but also the developed property.
The Fannie Mae Homepath loan is a defunct mortgage program which reduced the cost of purchasing a foreclosed property for either personal use, or to "flip" for profit.
The Home Affordable Refinance Program (HARP) is a federal program of the United States, set up by the Federal Housing Finance Agency, to help underwater and near-underwater homeowners refinance their mortgages.