Conventional Loans and Government Loans

Conventional Loans and Government Loans

Mortgages can be classified as either “conventional loans” or “government loans.” Conventional loans can be conforming or jumbo, but are not insured or guaranteed by the government.

Then there are government loans, such as the widely popular FHA loan. This type of mortgage is backed by the Federal Housing Administration (FHA). Another common government loan is the VA loan, backed by the Department of Veteran Affairs. The max loan amount for these types of loans varies by county. Other option is the USDA loan which offers $0 down loan options as long as property is located in an eligible rural area. Click here to check the USDA eligibility map and see if your dream home qualifies. 

For more information on loan or lender options give us a call: 816 858 2858