Loan Type Field Values

The loan_type field controls which lender programs and pricing engines are queried. Use the exact string values shown below.

loan_type Value	Program Description
"Conventional"	Fannie Mae / Freddie Mac conforming loans. Also used for Jumbo (non-conforming) loans — the engine identifies jumbo automatically from the loan amount. Supports affordability programs (HomeReady, Home Possible) when AMI or FTHB criteria are met.
"FHA"	FHA-insured loans. Allows up to 96.5% LTV. Requires upfront MIP (1.75%) and monthly MIP.
"VA"	VA-guaranteed loans for eligible veterans and service members. No down payment required.
"USDA"	USDA Rural Development loans. No down payment; income and location restrictions apply.
"ARM"	Adjustable Rate Mortgage. Requires the arm_term field ("3", "5", "7", or "10") to specify the initial fixed period. Amortized over loan_term (typically 30 years).
"nonqm"	Non-QM loans. Requires the nonqm_program field (e.g., "dscr"). Does not use traditional income documentation.

Affordability Program Triggers

For Conventional loans, affordability products (HomeReady®, Home Possible®) are returned when either condition is true:

• first_time_homebuyer: true — Explicitly flags the borrower as a first-time buyer.
• monthly_income at or below 80% AMI — The pricing engine automatically checks the borrower's income against the Area Median Income for the property's census tract. No flag required.

Jumbo Detection

Loans exceeding the FHFA conforming loan limit ($766,550 for most areas in 2024) are automatically identified as Jumbo by the engine. Use loan_type: "Conventional" — no additional flag is needed.