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Mortgage Loan Programs: Conventional, FHA, VA, and USDA

Mortgage program names describe different eligibility rules, guarantees, and loan limits. They do not tell you everything about a particular offer's price. Start by understanding which programs may fit your circumstances, then compare actual loan estimates. County limits and program requirements can change, so use the official tools linked in the explanations when checking your own purchase.

The questions below use selected Consumer Financial Protection Bureau guidance, adapted and organized by Fynoptic. Source links and the dates displayed by those sources are provided at the end.

What is a conventional loan?

A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs).

Conventional loans can be conforming or non-conforming.

What is a jumbo loan?

Each year Fannie Mae, Freddie Mac, and their regulator, the Federal Housing Finance Agency (FHFA), set a maximum amount for loans that they will buy from lenders.

In general, the loan limits are $766,550, although they go as high as $1,149,825 in some high-cost counties in continental United States and Puerto Rico, and higher still in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.

Mortgage loans are allowed to exceed these loan limits. Larger loans are called jumbo mortgages. The cost of obtaining a jumbo mortgage may be higher than the cost of obtaining a conforming mortgage.

What is a conforming loan?

A conforming mortgage loan is one that satisfies the terms and conditions set forth by Fannie Mae, Freddie Mac, and their regulator, the Federal Housing Finance Agency (FHFA).

How can I find the loan limit for a conforming loan in my county?

You can check the loan limit for a conforming mortgage loan in your county on the Department of Housing and Urban Development (HUD)’s website.

To find the conforming loan limit for your county useHUD's tool to check loan limits.

To filter for your county:

  • Choose your state from the drop-down menu
  • Type in your county, and change the “Limit Type” drop-down to “Fannie/Freddie”
  • Leave all of the other inputs alone
  • Click “send”

In the resulting table, the number in the “One-Family” column is the conforming loan limit in your county.

Knowing the loan limit is helpful when shopping for homes and negotiating with sellers, so you can know whether a particular home might require you to make a higher down payment or get a jumbo loan instead.

A conforming loan is one that can be guaranteed by Fannie Mae or Freddie Mac, also known as the government sponsored enterprises (GSEs). By law, the GSEs are only allowed to guarantee loans up to a certain amount. In most counties, that limit is $766,550 for a single-family home or condo.

In some counties where home prices are particularly high, there are higher loan limits. In these high-cost counties the limit can go up to $1,149,825. These loans are known as “conforming jumbo” loans because they are part of the conforming program, but the loan limit is higher.

Loan limits are also higher if you are purchasing a home with multiple units (for example, a duplex in where you plan to live in one unit and rent the other unit out). The building must have no more than four units and you must purchase the entire building to be eligible (if you’re buying just one unit in a condo building, the regular loan limits apply). To look up these higher multiple-unit loan limits, follow the instructions above and instead look at the column that corresponds to the number of units (called “families” in the table) that you plan to purchase.

What are the FHA loan limits for my county?

You can check the FHA mortgage loan limits in your county by using a tool on the Department of Housing and Urban Development (HUD) website.

If you’re interested in getting a Federal Housing Administration (FHA) loan, knowing the FHA maximum loan amount for your county will help you when shopping for homes and negotiating with sellers.

To use the HUD tool, choose your state from the drop-down menu and type in your county. Be sure the “Limit Type” drop-down is set to “FHA Forward,” and the limit year is the current calendar year. And leave the other inputs alone. Click “send”. In the resulting table, the number in the “One-Family” column is the conforming loan limit in your county for a single-family dwelling.

If you are purchasing a home with multiple units (for example, a duplex where you plan to live in one unit and rent the other unit out), the loan limits are higher. These are shown in the multiple “families” columns. However, to be eligible for an FHA loan, the building must have no more than four units and you must purchase the entire building.

What is an FHA loan?

The Federal Housing Administration (FHA) administers a program of loan insurance to expand homeownership opportunities. FHA provides mortgage insurance to FHA-approved lenders to protect these lenders against losses if the homeowner defaults on the loan.

The cost of the mortgage insurance is passed along to the homeowner. The standards for qualifying for these loans are generally more flexible than for conventional loans.

The FHA is part of the United States Department of Housing and Urban Development (HUD). To learn more about FHA loan programs, including whether you might qualify for one, visit HUD’s website, call HUD at (800) 225-5342, or visit GovLoans.gov. HUD also provides a list of qualified FHA lenders.

What is a USDA Rural Housing Service loan?

The Rural Housing Service (RHS) offers mortgage programs that can help low- to moderate-income rural residents purchase, construct, and repair homes.

The RHS both lends directly to qualified borrowers and guarantees loans that meet RHS program requirements made by approved lenders.

The RHS is part of the U.S. Department of Agriculture (USDA). Learn more about RHS or USDA loan programs, including whether you might qualify for one, online or call (202) 720-2791.

What is a VA loan?

The Department of Veterans Affairs (VA) offers loan programs to help servicemembers, veterans, and their families buy homes.

The VA sets the rules for loan qualification, arranges the terms under which mortgages may be offered, and guarantees any loan made under the program. Some VA loans are available with no down payment. It's important to keep in mind that not all lenders participate in the VA home loan program.

Pros/Cons

Some of the advantages of a VA loan include the ability to buy a home with no down payment (as long as the sales price doesn’t exceed the appraised value), and no private mortgage insurance (PMI) requirement. VA-guaranteed home loans are available for manufactured homes, though maximum loan amounts vary. The VA loan program also limits the closing costs you may be charged and gives you the right to prepay your mortgage without a penalty. Also, the VA may be able to offer you some assistance if you run into temporary financial difficulties.

There may be disadvantages to a VA loan. For example, a VA loan could have a higher interest rate than a conventional loan, although interest rates on VA loans are negotiable. In addition, most borrowers are required to pay a VA loan funding fee (currently between one and three percent of the amount of the loan).

Eligibility

The VA can help you determine your home loan benefit and issue your Certificate of Eligibility (COE). If you have already bought and sold one home that was financed through a VA loan, your eligibility can generally be restored. Because of the Veterans' Benefits Improvement Act of 2008, veterans who would like to refinance their existing non-VA mortgages into a VA loan may be eligible to do so for up to 100 percent of the value of the property. This may allow you to lower your monthly payments.

Spousal status is evaluated the same for all borrowers, the VA does not differentiate between same-sex and opposite-sex spouses when processing claims and applications. If you are applying for a VA loan with a co-borrower who is not your spouse (regardless of sex), you could face different loan underwriting requirements than veterans who apply for a VA loan with their spouse.

Many veterans and current servicemembers can access their eligibility certification online. Registration is free, immediate and provides information on many benefits for servicemembers, veterans, and their families. With your COE, you have evidence that the VA will “stand behind” your loan. This VA guaranty is certainly considered by the lender, but VA loans are underwritten, closed, and serviced entirely by private lenders, not by the VA. Servicemembers and veterans must go through the application process and provide information related to repayment ability, just like any other loan applicant.

How to Get Help

To learn more about VA loan programs, including whether you might qualify for one, visit the Department of Veterans Affairs website or call (800) 827-1000. You can also use the CFPB’s “Find a Housing Counselor” tool to get a list of HUD-approved housing counseling agencies in your area to discuss using a VA-loan.

Sources and further reading

The CFPB source passages are U.S. government work in the public domain. Fynoptic has selected, organized, and adapted the material for this guide, including corrections identified through the additional sources listed above. Sources accessed October 27, 2026. This use does not imply agency endorsement or affiliation.

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