Insured by the Federal Housing Administration (FHA), these loans are popular among first-time homebuyers and those with less-than-perfect credit. FHA loans offer low down payment options and more flexible qualification criteria.

Guaranteed by the U.S. Department of Veterans Affairs, VA loans are available to eligible veterans, active-duty service members, and surviving spouses. VA loans often require no down payment and have competitive interest rates.

Backed by the U.S. Department of Agriculture, USDA loans are designed to help low-to-moderate-income homebuyers purchase homes in rural areas. They offer low to no down payment options and favorable terms.

These are loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. In high-cost areas like California, where home prices are above the national average, jumbo loans are common for buyers seeking higher-priced properties.

ARMs have an interest rate that adjusts periodically based on market conditions after an initial fixed-rate period. Borrowers may choose ARMs for lower initial interest rates and payments.

These mortgages have a fixed interest rate for the entire loan term, typically 15 or 30 years. Fixed-rate mortgages provide stability and predictable monthly payments.

With interest-only loans, borrowers pay only the interest for a specified period, typically 5 to 10 years, before transitioning to full principal and interest payments. These loans can be beneficial for short-term affordability but carry higher risk.

Bridge loans provide short-term financing to bridge the gap between the purchase of a new home and the sale of an existing property. They are useful for homeowners who need funds for a down payment before selling their current home.