Are FHA Loans Right for You?
Does it seem like you’ll never be able to achieve homeownership? Don’t give up hope. The Federal Housing Administration (FHA) Loan Program is designed to assist homebuyers with low down payments and affordable closing costs. It is a government-backed loan program implemented by the U.S. Department of Housing and Urban Development (HUD). HUD insures loans in urban and rural areas for owner-occupied single family homes, excluding investment properties.
Are Conventional Loans Ideal for You?
There are many important decisions to make during the mortgage process. One of these decisions regards which home loan you will choose to use. One of the most common mortgage loans used is the Conventional Loan, which is the loan option of choice for a majority of all mortgage applicants.
Conventional Loans or Government-Backed Loans?
There are many important decisions to make during the mortgage process, but one of the more notable choices involves knowing the difference between using a conventional or government-backed loan. So what exactly do these terms mean, and how do they impact the specific type of loan you choose?
Well, it is important to start off by noting that the main difference between conventional and government-backed loans is the way in which the loan is insured.