An FHA loan is insured by the Federal Housing Administration and protects lenders from financial risk. Lenders have to meet certain criteria for their loans to be termed “FHA-approved,” after which the FHA backs the loans the lender issues in case a borrower defaults on the mortgage. Borrowers must also meet requirements to qualify for one of these loans.
Any mortgage can be an Adjustable Rate Mortgage simply by having an interest rate that adjusts. An Adjustable Rate Mortage has flexibility and the initial interest rate is often lower than their fixed-rate counterparts.
Jumbo mortgages are defined by a loan amount that exceeds the maximum amount that Fannie Mae and Freddie Mac will loan. You have the ability to obtain conventional financing above the conforming loan limit.
The FHA 203(k) Mortgage is offered by the Federal Housing Administration (FHA). The mortgage allows you to purchase a home and remodel or rehabilitate your home all with one loan and a low down payment.