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An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.


Some of the other benefits of FHA financing: Only a 3.5 percent down payment is required. Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium. More flexible underwriting criteria than conventional loans.

A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program,[1] is a mortgage loan offered to rural property owners by the United States Department of Agriculture.

Applicants for home loans may have an income of up to 115% of the median income for the area. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories. Additionally, the property must be located within the USDA RD Home Loan "footprint." The USDA Home Loan maps are currently scheduled to be changed on January 15, 2014. USDA Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan.[2]

A USDA home loan is different from a traditional mortgage offered in the United States in several ways. USDA loans require no down payment, you may finance up to 100% of the property value.
You must meet the income restrictions for the County you are interested in. Each county has a maximum Income Requirement. The USDA Home Loan Program does allow for considerations for expenses like Child Care.

To be eligible, you must be purchasing a property in a rural area as defined by the USDA.
The home or property that you are looking to purchase must be owner-occupied, investment properties are not eligible for USDA loans.





Mortgages can be defined as either government-backed or conventional. Government agencies like the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) insure home loans, which are made by private lenders. This insurance is paid for by fees collected from mortgage borrowers. The US Department of Agriculture (USDA) loans money to lower-income borrowers through its Direct Housing Program. It also guarantees loans made by private lenders through its Guaranteed Housing Loans program. This backing is paid for by borrowers.   

Conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.

Mortgages not guaranteed or insured by these agencies are known as conventional home loans. They include: Conforming loans, Non-conforming loans, Jumbo loans, Portfolio loans and Sub-prime loans


In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits.


Jumbo mortgage loans are a higher risk for lenders, mainly due to their larger size rather than credit quality.[1] This is because if a jumbo mortgage loan defaults, it may be harder to sell a luxury residence quickly for full price. Luxury prices are more vulnerable to market highs and lows in some cases. That is one reason lenders prefer to have a higher down payment from jumbo loan seekers. Jumbo home prices can be more subjective and not as easily sold to a mainstream borrower, therefore many lenders may require two appraisals on a jumbo mortgage loan.


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