A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), Farmers Home Administration (aka, USDA) and Department of Veterans Affairs (VA).
An FHA loan is 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.
A VA loan is a mortgage loan in the United States
guaranteed by the U.S. Department of Veterans Affairs. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
A USDA loan, 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.
There are many first-time homebuyer programs and grants available to help you afford your first real estate purchase, generally assisting with the down payment and closing costs.
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