Government Loans
All Mortgage types can be divided into two categories: Government Loans and Conventional Loans.
Federal Housing Administration |
Veterans Affaire |
Rural Housing Service |
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The Federal housing Administration (FHA), a division of the U.S Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. For more information visit: www.hud.gov . |
Veterans (VA) loans are guaranteed by the U.S. Dept. of Veterans Affaire. The guaranty allows veterans and service personell to obtain home loans with favorable loan terms, usually without a down payment. Additionally, it is easier to qualify for a VA loan versus a conventional loan. Lenders limit the maximum VA loan to $203,000. For more information visit: www.va.gow . |
The Rural Housing Service (RHS) of the U.S. Dept. Of Agriculture guarantees loans for rural residents with minimal closing costs and no down payment. Ginnie Mae, a division of HUD guarantees securities backed by pools of mortgage loans insured by these three federal agencies: FHA, VA, and RHS. For more information visit: www.rurdev.usda.gov , www.usda.gov , www.ginniemae.gov . |
