What are the different types of home loans available?

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Home loans are financial products that help individuals purchase homes, with various types catering to different needs and circumstances.

Fixed-Rate Mortgage: Offers a stable interest rate throughout the loan term, making monthly payments predictable. Example: 30-year fixed mortgage.
Adjustable-Rate Mortgage (ARM): Features a lower initial interest rate that adjusts after a set period, which can lead to fluctuating payments. Example: 5/1 ARM.
FHA Loans: Insured by the Federal Housing Administration, these loans are designed for low-to-moderate-income borrowers with lower credit scores.
VA Loans: Available to veterans and active-duty military personnel, these loans often require no down payment and have favorable terms.
Jumbo Loans: These are non-conforming loans that exceed the limits set by Fannie Mae and Freddie Mac, typically used for luxury properties.

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