Government loan programs make homeownership possible for people who might not qualify for conventional mortgage programs. The insurance/guarantee provided by the U.S. government on these loans makes lenders more willing to work with someone who might not completely fit their usual loan qualification requirements.
They include:
- VA loans, which are guaranteed by U.S. Dept. of Veterans Affairs. These allow veterans and service personnel to obtain home loans with favorable loan terms, usually without a down payment. Additional information on VA loans can be found here.
- FHA loans, like VA loans, were created by the U.S. government to encourage homeownership throughout the country. FHA loans also have lower down payment requirements (and are easier to qualify for) than conventional loans. Details on FHA loans can be found here.
- RHS loans are sponsored by the Rural Housing Service. If you live in a rural area or small town, you may qualify for one of these low-interest loans.
Only approved lenders such as Compass Mortgage can offer these government-insured loans.
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