UNDERSTANDmortgage
Types Of Mortgage Loans
Mortgage loans are organized into categories based on the size of the loan and whether they are part of a government program.   Depending on which you choose, it will affect how much you will need for a down payment, the total cost of your loan (including interest and mortgage insurance) and how much you can borrow and the house price range you can consider

CONVENTIONAL

The majority of loans are this type because these products typically costs less than FHA but they can be a little tougher to get.  This loan product typically requires 5% down on the purchase of a new home but will more than likely have a more favorable interest rate.

FHA

This loan type is made by a private lender but backed by a Governement Agency known as the Federal Housing Administration(FHA).  The lender provides the money fo rthe home purchase and the Government provides backing which allows you to put as little as  3.5% down on the purchase of a new home.

SPECIALTY MORTGAGES

VA and USDA

VA loans are for eligible military veterans, current service members, and surviving spouses.  These loans are made by private lenders and guaranteed by the VA.  These are very favorable to a qualified borrower as you may be able o borrow with ZERO down.

USDA through its Rural Housing Service helps low to moderate income families obtain financing for purchase, construct or repair in eligible areas.
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