When starting the home buying process, people face an array of intimidating terminology and processes.

There are many different financial situations in which homebuyers might find themselves, and quite a few loan types to appeal to those situations. Things can get overwhelming.

Here is a breakdown of home loan options to help. From FHA, to jumbo to reverse mortgages, there’s a mortgage that’s right for most every situation.

FHA Loans can be the right choice for first-time homebuyers. Insured by the FHA, these loans allow borrowers to purchase a primary residence with down payments as low as 3.5 percent of the home’s value.

Conventional loans are great for those with average to outstanding credit, who usually have more for a down payment. Any mortgage that isn’t insured or guaranteed by the federal government is considered conventional. These loans offer multiple repayment terms.

Jumbo loans are appropriate for larger borrowing needs and can go up to $3 million loan amounts with 30-, 20-, and 15-year terms available. Financing options are available for those with FICO credit scores above 680.

Those who live in small or rural areas approved by the USDA can benefit from these programs. Qualified homebuyers might be able to secure 100 percent financing on a 30-year fixed rate loan.

There are many other great benefits of USDA loans, such as no first-time homebuyer restrictions, and gifts or grants might be permitted in some locations.

Veteran and active-duty military homebuyers can benefit from VA loan programs. Financing of up to 100 percent of the home’s purchase price might be available. These loans offer fixed rate mortgages at 10-, 15-, 20-, 25-, and 30-year terms, and nontraditional credit is allowed.

For homeowners over 62 years old, a reverse mortgage might be the right choice. Reverse mortgages allow homeowners to convert home equity into cash.

It’s worth a conversation with a qualified mortgage consultant to explore a number of loan options to discern which might be right for you.

Amanda Maletz is a mortgage consultant with OnQFinancial. Amanda.Maletz@ OnQFinancial.com