Government Loans

FHA loan programs offer more flexibility for home buyers. FHA loans have a lower interest rate and low mortgage insurance. They also require a smaller down payment, which is 3.5%. Monthly housing costs must be less than your gross monthly costs. The ratio is 31%. The credit requirement is more flexible. There are a wide variety of FHA loans and they are available for first time home buyers and existing home buyers.

VA loans provide financing for eligible veterans. These loans are available where private financing is generally not widespread and is limited to rural areas and small cities and towns that are not in close proximity to a major metropolitan area. These loans do not require a down payment or mortgage insurance. It can also be used to refinance a mortgage where the loan to value ratio is up to 90%.

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