Irvine Mortgages – Different Loan Types

When it comes to Irvine mortgages, there are countless options to choose from. As a mortgage professional, it is my job to help my clients narrow down these options to find the best one to fit their financial situation.

Throughout my years of experience, I have learned that many people are unfamiliar with the different types of home loans available and what situation each loan typically works best with.

To help provide you with a better understanding of the most common types of mortgages, I have broken each one down below:


A conventional mortgage is basically any type of mortgage that is not secured by a government entity. These types of mortgages are only available to borrowers through private lenders, Fannie Mae, or Freddie Mac.

Even though conventional mortgages are some of the most commons types of home loans – over half of the home loans that are currently issued are conventional mortgages – they are still often confused with conforming mortgages.

Conforming and conventional mortgages are quite different because while all conforming mortgages are conventional, not all conventional mortgages are conforming.


An FHA mortgage loan can only be issued by lenders that have been qualified by the federal government and must be insured by the Federal Housing Administration, from which they get their name.

This type of mortgage was designed to benefit borrowers with lower incomes who are unable to make a substantial down payment or have less than perfect credit. Their low down payment requirements make FHA loans the perfect option for most first time home buyers.


VA Loans were established by the United States Department of Veterans Affairs to help veterans and their beneficiaries obtain affordable home financing. The funding for these mortgages does not come from the Department of Veterans Affairs, but they do govern who can qualify and the terms of the loans offered and they insure the mortgages against default.


A jumbo mortgage is the type of mortgage that is obtained when the loan amount needed exceeds the limits set by the Federal Housing Finance Agency.

These types of mortgages are not financed or insured by the federal government and are typically used to purchase luxury homes. There is often a lot more involved with jumbo mortgages, including more stringent qualification requirements.

If you are interested in finding out more information about any of the home loan options listed above or would like to know about other financing options like refinancing your existing mortgage, give me a call today at (714) 960-1801!







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