Government Insured
Government Insured and Guaranteed Loan Programs
Government insured and guaranteed home loan programs are backed by the federal government. For the most part, these mortgages are available in different loan terms, can have either a fixed or adjustable interest rate, and can be used for purchases and refinances just like conventional loans. While each program is designed to meet a specific need, these programs usually have the following traits in common with some exceptions:
- more flexible down payment options
- the seller can contribute more assistance toward closing costs than conventional loans and may be combined with community seconds
- aimed toward low to moderate income families and individuals
- directed to those who will use the home as their primary residence
FHA Loans
If you are interested in a government-insured mortgage with as little as three and a half percent down, you may be looking for an FHA loan.
VA Loans
If you are a veteran of the armed forces, active duty personnel, a Reservist or member of the National Guard, or a surviving spouse, you may be eligible for a no-down-payment VA loan.
USDA Loans
If you're interested in purchasing a home in a rural area with no money down, a USDA home loan may be right for you; they're not just for farmers!
Reverse Mortgages (FHA Insured)
If you are 62 or older, a reverse mortgage insured by the Federal Housing Administration could allow you to refinance to eliminate your monthly mortgage debt, increase your cash flow, or purchase a more comfortable home closer to family and friends.
