FHA / VA / USDA Loans

These are mortgages guaranteed by the Federal Housing Administration. They come with built-in mortgage insurance to protect against the possibility of not being able to repay the loan. The required down payments are smaller with these loans.

These loans make it easier for veterans of the U.S. armed forces, and sometimes their spouses, to buy homes. They don’t require a down payment and are guaranteed by the Department of Veteran Affairs.

Some of the benefits of USDA loans include:

1. $0 down payment

2. Competitive interest rates

3. Low monthly mortgage insurance

4. Flexible credit requirements

USDA loans open the door to homeownership for many first-time homebuyers who otherwise could not afford a traditional 5-20% down payment. However, the USDA has its own guidelines and requirements, including eligibility requirements for both the homeowner and the property.