Government Mortgage Programs
The two main categories for mortgage programs are: "Conventional" and "Government". While these are not the only types of loan options that exist, they are the most common. The major difference between them is that the Federal or government type of loan, is insured against default or foreclosure by the Fed. Where as the conventional is not. The qualification for the government programs are slightly different as well and are headed up under a few categories
1. Federal Housing Administration (FHA)
2. Veterans Administration (VA)
3. U.S Department of Housing and Urban Development (HUD)
4. U.S Department of Agriculture
5. Rural Housing Service (RLS)
Each of the government branches are separately run and managed and have there own criteria for qualifying. They can be very advantageous to use for a lot of people, and for others may have draw backs. Please review our information about each type of program to learn more in detail.