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A home loan, also known as a mortgage, is a type of loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments divided into principal and interest. Here’s a detailed overview of home loans:

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Types of Home Loans

      FHA Loans:

• Insured by the Federal Housing Administration (FHA).
• Designed for lower-income and first-time homebuyers.
• Require a lower down payment and credit score.

VA Loans:

• Guaranteed by the U.S. Department of Veterans Affairs (VA).
• Available to veterans, active-duty service members, and certain members of the National Guard and Reserves.
• Often do not require a down payment or private mortgage insurance (PMI).

USDA Loans:

• Offered by the U.S. Department of Agriculture (USDA).
• For rural homebuyers who meet specific income requirements.
• May not require a down payment.

Jumbo Loans:

• For loan amounts that exceed conforming loan limits set by the Federal Housing Finance Agency (FHFA).
• Typically have stricter credit requirements and higher interest rates.