VA loans are a special type of mortgage backed by the U.S. Department of Veterans Affairs, designed to assist eligible veterans, active-duty service members, and certain military-affiliated individuals in purchasing a home. Offering advantages like no down payment, no private mortgage insurance (PMI), and flexible qualification guidelines.
Conventional loans are a type of mortgage that is not insured or guaranteed by the federal government, which distinguishes them from government-backed loans like FHA, VA, and USDA loans. These loans are popular because of their flexibility and are typically backed by Fannie Mae or Freddie Mac, two government-sponsored enterprises.
FHA loans are mortgages insured by the Federal Housing Administration, designed to help borrowers with limited down payment funds or less-than-perfect credit histories. With lower down payment requirements, flexible credit criteria, and the possibility of lower interest rates, FHA loans offer a viable route to homeownership for many first-time and moderate-income buyers.
Non-Qualified Mortgages (Non-QM loans) are a type of mortgage that cater to borrowers who don´t fit the standard mold of Qualified Mortgages (QM) criteria, offering flexibility with alternative income documentation options.
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