FHA- Federal Housing Administration. Government insured loans that afford buyers to purchase homes with minimal investment out of pocket. Allows for seller contributions, to even further reduce the cost to the buyer. FHA is more lenient on credit issues, therefore making financing available to those with good to moderate credit, or no credit at all. FHA loans also offer excellent refinancing packages as well. These loans are a great way to finance for many borrowers in today's market!
VA-Veteran's Administration. Loans specifically created for veterans and reservists. Allows the veteran to purchase a home with financing up to 100% LTV (loan to value); therefore allowing for minimum investment into the transaction. These loans typically have lower monthly payments compared to FHA or conventional loans because they don't have any monthly mortgage insurance premiums. Great benefit to those who serve our country!
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