Different Home Loans

Government insured home loans include the following.

Different home loans. While typical home loans require a down payment of 20 of the purchase price of your home with a federal housing administration or fha loan you can put down as little as 3 5. 5 things to know. These loans are not backed by a government agency and therefore don t offer the same features or benefits as government insured loans.

Fha loans the federal housing administration fha mortgage insurance program is managed by the department of housing and urban development hud which is a department of the federal government. Home equity loans have low interest rates but the borrower s home serves as collateral. If you re on the hunt for a home learn about the different home loans available and which one might work best for you.

Different types of home loans conventional. These are also known as a second mortgage because you will have two separate payments. Mortgages credit scores and down payments.

Fha loans are available to all types of borrowers not just first time buyers. A home equity loan provides you with a lump sum of cash up to 80 of the market value of your home. Personal loans and credit cards come with high interest rates but do not require collateral.

Conventional loans referred to as either conforming or non conforming are loans that are provided by banks credit unions and other financial institutions. Home equity loans and heloc. Fha loans backed by the fha these types of home loans help make homeownership possible for borrowers who don t have a large down payment saved up and don t have pristine credit.