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Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer choices. These loans are provided by the federal government and must meet certain requirements.

• Low downpayment options
• Available for a variety of loan terms
• Typically requires mortgage insurance

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

• Financing for eligible service members
• No-Down-Payment options available
• No mortgage insurance requirement

These used to be called RHA loans, for the Rural Housing Administration. The program is overseen by the United States Department of Agriculture, or USDA. This type of mortgage loan is reserved for people who live in certain parts of the country. There are income restrictions as well. They are sometimes referred to as "farmer loans," due to the geographical and demographic nature of the program. But you certainly don't have to be a farmer to qualify. The program is designed for low-income residents of rural areas.

New Construction Loan ->

· For higher amount

· Financial for primary homes

· Second homes and investment properties

• For borrowers 62 year and older
• Qualifying is base on down payment on the property, not credit or income
• Homeowner buys a home and will not have a mortgage payment