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Balloon Mortgages |
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Fixed Rate Mortgages |
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Adjustable Rate Mortgages |
These
are loans backed by the United States Government to allow a greater number
of Americans to be able to realize the dream of owning their own homes. They
typically allow a prospective borrower to secure a mortgage with only a small
down payment, and establishes standards for the condition of the home before
the new owners move in.
In the case of FHA loans, a down payment as small as 3% of the purchase price can qualify a borrower for a mortgage. For VA loans, qualified borrowers (those who have served in the military and possess a VA Certificate of Eligibility) can obtain zero or low down payment loans as a benefit of having served.
