There are many different types of mortgages available on the market. Some are backed by the government, while others are not. In this blog post, we will discuss government-backed loan programs and what makes them so appealing to borrowers. We will also break down the different types of government-backed loans available and explain how they work. If you are in the market for a new mortgage, be sure to read this post!
Government-backed loan programs are becoming increasingly popular with borrowers. There are many reasons for this, but the most appealing factor is the fact that these loans offer lower interest rates and more favorable terms. Government-backed loans are also more likely to be approved, even if the borrower has less than perfect credit.
There are two main types of government-backed loans: FHA loans and VA loans. FHA loans are insured by the Federal Housing Administration and are available to borrowers with less than perfect credit. VA loans are guaranteed by the Department of Veterans Affairs and are only available to eligible veterans or their surviving spouses.
Both FHA and VA loans have their own set of benefits and drawbacks. Be sure to speak with a loan officer to see if either of these loan types is right for you.
If you are looking for a government-backed loan, contact your local lending institution today! We would be happy to help you navigate the loan process and find the best option for your unique situation. If you need a mortgage lander, I have some terrific ones I work with all the time. Please reach out to me at Middy@ArborMove.com and I’ll be happy to share my short list with you.
Additionally, here’s a short flyer about the different loans, and the benefits of them.