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home
government mortgages
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1. fha FHA Standard FHA Jumbo
An
FHA Loan (Federal Housing Administration) has some advantages over
conventional
loans. Since FHA loans are insured by the government, they generally have more
lenient qualification requirements, lower down-payment requirements, and they
are assumable loans. The maximum loan amount for an FHA loan (single-family)
ranges depending on the county where you live. You can contact a mortgage
specialist for these maximum amounts for your specific county. Government loans
(including the FHA loan) make up 20 percent of residential mortgages in the U.S.
2.
va
A
VA (Veterans Affairs) loan carries many of the same advantages as an FHA home
loan. However, to qualify for this loan, you must be a qualifying veteran, the
unmarried widow of a veteran, a Public Health Service Officer, or an active-duty
serviceman. The maximum loan amount for a VA-guaranteed loan is $240,000.
However, if you can make a large down payment, VA is now considering loan
amounts above $240,000. Generally, you would need to put down 25% of the value
exceeding $240,00, and you can’t exceed conventional loan limits. No down
payment is required for most VA loans below $240,000. A mortgage specialist can assist you with a VA loan.
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