Government-insured loans usually offer low down payments and below-market interest rates, as well as easier credit and income guidelines than conventional loans. That may make them a good option for first-time homebuyers, for borrowers with low to moderate incomes, or those with limited cash or minor credit problems.
- Federal Housing Administration (FHA) loans: FHA loans allow qualified borrowers to purchase a home with a down payment of as little as 3.5% of the purchase price. There are several types of FHA loans. In addition to fixed loans and adjustable-rate mortgages (ARMs), FHA loans also include graduated payment mortgages and growing equity mortgages for borrows who expect their monthly earnings to increase over time. In addition, the Energy Efficient Mortgage (EEM) program allows borrowers to include the cost of energy efficiency improvements into their FHA loan.
- Veterans Administration (VA) loans: VA loans offer flexible credit guidelines and often do not require a down payment. They are available to military service veterans, reservists and active-duty service members.
- USDA, or the United States Department of Agriculture, designed this loan to pull the population out of large metropolitan cities and into surrounding areas. USDA eligible properties are typically located outside of city limits, in suburbs or rural areas. The USDA Guaranteed Loan is not meant to finance farms rather they are geared towards the standard single-family home.
We can tell you more about government-sponsored loans and refinancing options.
Learn more from the Federal Housing Administration
Learn more from the Veterans Administration
Learn more from the USDA Rural Development
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Trident to me is represented by the Face of Matthew Matz and Julie Hislop. They are the Ying and the Yang and together they provide the best service with the wisdom and knowledge and youthful energy that represents their dual talents with a common goal to be the #1 Best Mortgage representatives in the business. In my years of experience with Trident, time is of the essence and they get the job done on time every time. When I give a buyer to get their mortgage from Matt and Julie, I know they will be thanking me on the day of settlement. I get frustrated watching other agents allow other mortgage companies to represent their buyers and then have to hear their complaints when the settlements get postponed. 50-75 % of the time there are issues at settlements when other mortgage companies are used. When will they learn.~ D.H.