A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of the traditional income verification required for most loans. Common examples include bank statements or using your assets as collateral.
A jumbo loan is a mortgage that exceeds the conforming loan limit set by the FHFA for a given area. The most common conforming loan limit for 2021 is $510,400, which means any mortgage that’s larger than that is a jumbo loan. Loans above these limits cannot be backed by government entities Fannie Mae and Freddie Mac.
FHA mortgages are federally insured mortgages designed to help qualified borrowers buy a home with less money down and lower credit. VA mortgages are government insured mortgages for active or veteran military service members and their spouses.