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