Government Loans
Federal Housing Administration
Federal Housing Administration
Federal Housing Administration
FHA loans are mortgages insured by the Federal Housing Administration (FHA), a part of HUD, which protects lenders if borrowers default. They require a minimum down payment of 3.5% for borrowers with credit scores of 580 or higher and have more flexible credit qualifying standards. Borrowers pay an upfront mortgage insurance premium, usually financed into the loan, plus monthly mortgage insurance premiums throughout the loan term.
Veterans Administration
Federal Housing Administration
Federal Housing Administration
VA loans, also known as Veterans Administration loans, are mortgage loans guaranteed by the VA for eligible military service members, veterans, and certain surviving spouses. They require no down payment, do not have private mortgage insurance, and typically offer limited closing costs along with competitively lower interest rates. These loans help make homeownership more accessible for those who have served.
U.S Department of Agriculture
Federal Housing Administration
U.S Department of Agriculture
USDA loans, also known as Rural Development loans, offer 100% financing for income-eligible borrowers purchasing homes in designated rural areas. These loans require no down payment and are designed to help low- and moderate-income buyers. A 1% upfront guarantee fee is collected and can be financed into the loan, and a 0.35% annual fee is included in the monthly mortgage payment instead of private mortgage insurance. Eligibility is based on household income and property location.