Government Loans


FHA Loans

A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 97% of the value of the home. The 3% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.


VA Loans

A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default.


USDA Loans

A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.

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VA Loan Benefits & Eligibility

• No down-payment options available
• No monthly mortgage insurance premium
• Limits on buyer's closing costs
• Penalty-free prepayment
• Other requirements and restrictions may apply

USDA Loan Benefits & Eligibility

• No down payment
• No cash reserve requirement
• No first time homebuyer requirement
• Fully amortizing 30-year fixed rate loan
• No seller contribution limit
• Loan amount can include closing costs and repairs, up to appraised value
• New and existing homes are eligible