What types of loan programs are available through the government?
For certain qualified buyers, there are several government mortgage programs available, such as VA loans and FHA-insured loans. While these loans may be the right choice for a particular borrower’s circumstances, there are many similar loan products available through conventional lenders. VA Loans U.S. Department of Veterans Affairs (VA) loans are available to men and women who are now in the military and to veterans (without a dishonorable discharge) who meet specific eligibility rules, most of which relate to length of service. The VA doesn’t make mortgage loans, but guarantees part of the house loan made by a lender. If a borrower defaults, the VA pays the lender the amount guaranteed. Consequently, this guarantee makes it easier for veterans to receive favorable loan terms with a low down payment. FHA Loans Now an agency within [HUD], the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mor
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