government mortgages

     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                                                                                                 Should you try a VA home loan?

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.