FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage.
Federal Housing Administration (FHA) loans require a minimum of 3.5% down payment. FHA loans are subject to an up-front mortgage insurance premium of 1.75% of the loan amount, in addition to a monthly mortgage insurance premium, depending on the loan term and loan-to-value (LTV).
A Jumbo Loan is a mortgage loan that exceeds the conventional limit of $647,200.00. This type of mortgage loan takes longer to close and it has to go through 2 underwriting processes. In some cases, it might require 2 appraisals.