Mortgage News, Tips and Resources

Government-backed mortgages provide many financial benefits for first-time and repeat homebuyers, such as lower down payments, lenient credit score requirements, improvement project grants, and more.

Whether you’re a first-time or repeat home buyer, government-backed loans offer lower down payments, lenient credit scores, and many other financial benefits.

Insured by various U.S. federal agencies, government-backed mortgages can help borrowers achieve home ownership through lower down payments and closing fees, flexible credit scores, and other advantages.

First-time home buyers may qualify for various conventional and government-backed loans, such as those offered through Fannie Mae, Freddie Mac, the Federal Housing Administration, U.S. Department of Agriculture, and Veterans Affairs.

Government-backed loans offered through the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), and Veterans Affairs (VA) can assist qualified borrowers with home purchases, and improvement and rehab projects.

Borrowers seeking home ownership with a limited budget and income can find relief through a USDA Rural Development Loan boasting lenient qualifications, such as no down payment requirements, credit score flexibility, and lower closing costs.

When researching and comparing the best mortgages for your needs, there are several options, such as conventional, government-backed, jumbo loans, and more—all of with unique requirements, features, benefits, and cost-saving incentives.

USDA and FHA loans are both federal programs assisting low-income families and home-buyers obtain mortgages, with two important distinctions: USDA loans specifically cater to those within rural and suburban areas, while FHA loans are open to all applicants, regardless of finances or geography.

Several popular home loans for low-income families include HomeReady, Home Possible, Conventional 97, piggyback mortgages, FHA, and USDA loans.

There are several USDA loan. You must buy a property in a rural area, which will be used as your primary residence. There are also income and credit requirements.

Four types of mortgage loans to consider: traditional mortgage loans, FHA loans, USDA loans, and reverse mortgage loans.

USDA loan income requirements are dependent upon the area in which an applicant wishes to purchase a home, as well as the number of people present in the household.

USDA loan closing costs vary depending on the size of the loan and the down payment. Other factors include lender and notary fees.

USDA loans are government-backed home loans designed by the United States Department of Agriculture for low-income buyers.

USDA home loans are mortgage loans for low-income borrowers in rural areas. In order to qualify, you must meet certain requirements.

You must meet certain criterion to be eligible for a USDA loan. For example, you must have two years of steady income.