At first glance, the several types of mortgage loans may look like a secretive alphabet soup. These are the most common type of loans you'll encounter. As these are not insured or guaranteed by a government agency, they're generally considered a higher risk for lenders, so credit and income requirements may be stricter. I'm a veteran myself and love serving other vets.
A VA loan is any home loan made by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans are a benefit available to veterans and offer a great option because they don't require a down payment as long as the sales price doesn't exceed the appraised value or mortgage insurance. Veterans and active members of the military should check their eligibility before applying for such a loan.
FHA loans, which are federally insured by the Federal Housing Administration, require a down payment as low as 3.5 percent and tend to have looser guidelines. A jumbo loan is a loan for an amount that exceeds the conforming loan limits for the county where the property is located.
A VA loan is any home loan made by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans are a benefit available to veterans and offer a great option because they don't require a down payment as long as the sales price doesn't exceed the appraised value or mortgage insurance. Veterans and active members of the military should check their eligibility before applying for such a loan.
FHA loans, which are federally insured by the Federal Housing Administration, require a down payment as low as 3.5 percent and tend to have looser guidelines. A jumbo loan is a loan for an amount that exceeds the conforming loan limits for the county where the property is located.
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